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B&M European Value Retail SA on Wednesday said that SSA Investments SARL has decided to sell around £162 million worth of shares in the company, though the holding of the retailer’s Trading Director Bobby Arora remains unchanged. B&M is a variety goods discount retailer, while SSA Investments is the Arora family investment vehicle. On Wednesday, SSA Investments said that it has sold 27.8 million shares in B&M, representing 2.8% of the firm’s share capital, at 582.50 pence per share for total proceeds of £162.1 million. B&M European Value Retail shares were trading 7.0% lower at 558.60 pence each in London on Wednesday afternoon. The stock has surged around 36% over the past 12 months. After the placing is settled, SSA Investments will continue to hold approximately 3.4% of B&M’s ordinary shares. Responding to SSA’s announcement, B&M said that Bobby Arora’s beneficial shareholding in the company through SSA remains unchanged. It explained that the placing shares involved in the transaction were those held ultimately for the benefit of its indirect shareholders, Simon and Robin Arora, and do not include any related to Bobby Arora. Simon Arora is a former B&M chief executive. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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