Shares in AIM-listed Ncondezi Energy, a power development company focuised on Northern Mozambique, fell more than a third on Tuesday as Brooks Macdonald Asset Management continued to pare back its holding.Brooks Macdonald sold 3.26m shares in the company to take its stake to 18.2m shares, or 5.96% of the entire issued share capital.This has been shaved considerably since August last year when Brooks Macdonald held 14%.In December Ncondezi attempted to raise £3.4m in an open offer, with one new share offered for every four shares already owned, but only a fifth of the shares were snapped up, raising around £760,000.Late last year the company signed a non-binding outline deal with Shanghai Electric Power Company to develop a 300 megawatt (MW) plant that will be fed by its Mozambique coal project.As part of the deal, Shanghai Electric Power will become controlling shareholder of the facility.