Saad sells further 6.7m shares in UK's Berkeley

SAUDI SAAD: Privately-held investment company Saad has said it is restructuring its debt. (Getty Images)

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.

Privately-held investment company Saad has said it is restructuring its debt after it ran into unspecified difficulties and the Saudi central bank froze the accounts of its billionaire chairman, Maan Al Sanea.

On Wednesday Saad also cut its holding in British chip designer Imagination Technologies to 7.6 percent of voting rights from 12.8 percent, according to a filing after the market close on Thursday.

At 01.57pm, Berkeley shares were up one percent at 761 pence, underperforming both the FTSE midcap index, up 1.68 percent, and the housebuilders, which were boosted by a trading update from Taylor Wimpey earlier on Friday. (Reuters)

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