Sainsbury’s has confirmed that property tycoon Robert Tchenguiz has sold his 10% stake in the UK retailer.
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In a filing with the London Stock Exchange, Sainsbury’s said Tchenguiz Discretionary Trust “no longer holds any economic interest” in the group.
The company declined to comment further when contacted by just-food today (9 October).
Shares in Sainsbury’s tumbled yesterday, falling from an open of 299.75 pence (US$3.97) to close at 267.75, despite an upbeat trading update. The company had revealed that like-for-like sales, excluding fuel, were up 3.9% in the first half of its fiscal year.
However, worries over margins and rumours that Tchenguiz was planning to sell shares depressed the group’s stock price.
Shares rebounded 7% in morning trade, rising to 287.25 pence at 11.30 am (BST).
