Qatar ups stake in UK grocer

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POSITION INCREASED: The Qatar Investment Authority has nudged up its stake in the UK's Sainsburys. (Getty Images)

The Qatar Investment Authority has nudged up its stake in J Sainsbury Plc, the first time it has bought shares in the British supermarket group since it took direct ownership of the stake in January.

Qatar had held an almost 25 percent stake in Sainsbury through investment fund Delta Two, which spearheaded an abortive takeover bid approach at 600 pence a share last year.

Sainsbury, Britain's third-biggest supermarket group, said in a regulatory filing on Wednesday that the Qatar Investment Authority (QIA) had bought a further 2 million shares on Monday and 5 million shares on Tuesday, representing about 0.4 percent of Sainsbury's issued share capital in total.

This lifts the QIA's stake to 25.3 percent. Sainsbury and the QIA declined to comment on the share purchase.

Sainsbury shares closed up 4.2 percent at 328 pence, valuing the business at about 5.7 billion pounds ($11.2 billion). (Reuters)

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