Bestway Group has announced it has agreed to acquire a total of 80,792,512 shares in Sainsbury’s, representing 3.45% of Sainsbury’s issued share capital.
A statement said Bestway Group intends to hold its shares in Sainsbury’s for investment purposes and looks forward to supporting the executive management team. Bestway Group may look to make further market purchases of Sainsbury’s shares from time to time, subject to availability and price.
Bestway Group has confirmed that it is not considering an offer for Sainsbury’s.
The Bestway Group is the 7th largest family-owned business in the UK with turnover of approximately £4.5bn.
Starting off as a chain of convenience stores in 1963, Bestway Group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors.
Today Bestway Group serves over 12 million customers and employs over 28,000 individuals across the UK, Pakistan and the Middle East.
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