Qatar ends two decade spell as largest Sainsbury’s shareholder
It comes after Sainsbury's raised its profit outlook after a stronger than expected first half of the year
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The Qatari sovereign wealth fund has cut its investment in Sainsbury’s ending its almost 20 year spell as the biggest shareholder in the supermarket, according to reports from Reuters.
The Qatari Investment Authority (QIA) is set to reduce its stake by just over 3% to 6.8%. In October last year, the fund reduced its holding by about 5% through a nearly $400m (£299m) share sale.
As a result of this, Czech billionaire and Royal Mail owner Daniel Kretinsky will become the largest shareholder holding around 10%.
The QIA started building its share in the supermarket in 2007 with its holding reaching as high as 25% citing reports of a potential takeover, however it eventually abandoned plans. It has been reducing its share in the company since 2021.
It comes after Sainsbury’s raised its profit outlook after a stronger than expected first half of the year.
The company reported retail underlying operating profit of £504m for the six months to September 13, rising 0.2% year-on-year. Retail sales, excluding fuel and VAT, rose 4.8% to £15.6bn, with like-for-like sales increasing 4.5%.
Retail Sector has approached Sainsbury’s and the QIA for comment.
