Qatar's sovereign wealth fund plans to reduce its stake in Britain's second-largest supermarket group Sainsbury's by nearly 4%, a term sheet showed, ending its near-two-decade reign as top shareholder in the chain.
Qatar Investment Authority plans to offer shares at 317.6 pence ($4.20) per share in a secondary offering with JPMorgan as the sole bookrunner, according to the term sheet.
Sainsbury's shares are up 23% this year and closed at 326 pence yesterday.
Qatar's sovereign wealth fund has been a Sainsbury's shareholder since 2007. That year its holding peaked at 25% and it abandoned a potential bid. It started selling in 2021.
In October last year, the fund reduced its holding by about 5% through a nearly $400m share sale.
Qatar's fund plans to sell shares worth about £265.5m, reducing its stake to 6.82% from the current 10.48%, according to LSEG data. The fund would drop to the fourth-largest shareholder from first place.
Sainsbury's, whose UK grocery market share has grown to a near-decade high of 15.3%, has said that it now expects to deliver retail underlying operating profit of more than £1 billion for its year to March 2026.
It has a market capitalisation of £7.44 billion as of yesterday's close.
