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Retailer and wholesaler Bestway Group Ltd lifted its stake in grocer J Sainsbury PLC, on the same day that it announced its initial investment, according to a regulatory filing on Wednesday. Bestway had a 4.5% stake in Sainsbury’s as of Friday last week, according to the filing with the London Stock Exchange. No previous holding is shown in Wednesday’s announcement. However, on Friday, Bestway had announced it had bought or had agreed to buy a 3.5% stake in the grocer for an undisclosed sum. It had put the total number of shares at 80.8 million, while the filing on Wednesday showed the total held by Bestway at 104.8 million. Bestway on Friday had said does not plan to make a takeover offer. ‘Bestway Group intends to hold its shares in Sainsbury’s for investment purposes and looks forward to supporting the executive management team,’ it said at the time. Bestway has operations across the UK, Pakistan and the Middle East. It was first established as a chain of convenience stores in 1963, but now has interests across the wholesale, pharmacy, real estate, cement and banking sectors. Shares in Sainsbury’s were 0.9% higher at 265.00 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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