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Bestway, owner of Costcutter, will acquire a 3.45% stake in Sainsbury’s.

Wholesale and retail conglomerate Bestway Group has agreed to buy a 3.45% stake in UK supermarket chain J Sainsbury and may buy more in the future.

Bestway announced Friday that it has agreed to acquire more than 80 million shares Sainsbury’s, or 3.45% of its capital. The investment amount is about 193 million pounds.

The family-backed conglomerate that owns the Costcutter convenience store said it will hold a stake in Sainsbury’s for investment purposes and “looks forward to supporting the management team.” He said he was not considering an offer to the company.

Bestway also said it may buy more shares in the supermarket chain.

Sainsbury’s said it would interact with Bestway “in line with its normal interactions with shareholders.”

Bestway’s portfolio includes pharmacy chain Well, the UK’s second largest wholesaler, and other Pakistani companies such as cement producers and banks.

https://www.ft.com/content/98d4639d-859e-4f71-b0f2-6cc891d6657a Bestway, owner of Costcutter, will acquire a 3.45% stake in Sainsbury’s.

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