Shares in Sainsbury’s fall as largest shareholder reduces stake

Investing.com — Sainsbury (LON: ) shares fell on Friday after Qatar Investment Authority (QIA), its largest shareholder, sold 306 million pounds worth of shares, according to regulatory filings, Reuters reported on Friday.

At 4:27am (0827 GMT), Sainsbury’s was trading 4.7% lower at £274.40.

The filings show that QIA offered 109.4 million shares at 280 pence each, representing about 5% of its stake. Before the sale, QIA held a 14.2% stake in Sainsbury’s, the report said.

Sainsbury’s has more than 15% of the UK grocery market, ranking just behind Tesco ( OTC: ). Monthly industry data shows strong performance.

Qatar’s sovereign wealth fund has been a shareholder in Sainsbury’s since 2007, when its holding peaked at 25%. It later abandoned a potential acquisition and began reducing its stake in 2021.

In addition to Sainsbury’s, QIA also has significant investments in the UK, including a stake in Barclays Bank (NYSE: ) and ownership of Harrods department store in London, the report said.