(Alliance News) - Kingswood Holdings Ltd on Tuesday said KPI Nominees Ltd has agreed to sell its Kingwood holding to Astoria Investments UK Ltd on Friday last week.
KPI currently owns 62.4 million shares in Kingswood, it said, representing almost 39% of Kingswood's share capital. KPI is owned by Kingswood Property Finance Ltd Partnership, a private investment partnership owned by Gary Wilder, chief executive of Kingswood, and Jonathan Massing, non-executive deputy chair of Kingswood.
Meanwhile, Astoria currently holds 28.1 million shares in Kingswood, representing nearly 18% stake in Kingswood.
The wealth management company said the agreement relates to all of Astoria's stake in Kingswood, which is valued at a price of 7.5 pence per share.
Kingswood shares were trading 2.1% lower in London on Tuesday at 7.10p each, while Astoria shares were flat in Johannesburg at ZAR1.74 each.
Kingswood said it will make further announcements in relation to this matter as and when it is informed by either KPI or Astoria that the agreement has been completed or otherwise.
Kingswood H. (KWG)