Troubled Saad slashes stake in UK builder

Image via Wikipedia

British housebuilder Berkeley Group Holdings said investor Saad Group has cut its stake in the company by a further 6.7 million shares, according to a filing to the stock exchange on Friday.

The filing said Saudi Arabia's Saad had reduced its stake from above 14 percent to just under 9 percent, or 11.3 million shares, after sales at an unspecified price on June 10 and June 17.

This follows a sale by Saad of 16 million shares in the construction group at a discounted 701 pence earlier this month and is a retreat from a stake of nearly 29 percent at the end of April.