London headquartered Bestway has taken a 3.45% stake - worth near £200m - in Sarinsbury’s and may seek to increase its stake further.
Wholesale and convenience store giant acquired 81 million shares, becoming the sixth largest shareholder in Sainsbury’s.
The annpouncement today has seen Sainsbury's shares rise by 4.4%, hitting their highest since April, acccording to Reuters.
The company, which owns over 2,700 convenience stores under the Costcutter and Best-one brands. as well as the country’s third largest pharmacy chain (Well), is the seventh largest privately held business in the UK, with an annual turnover of £4.5bn.
The group owns the UK's second-largest wholesaler serving 125,000 independent retailers and caterers from 64 warehouses nationwide.
Owned by the Pervez, Choudrey and Sheikh families, Bestway Group was founded in 1976 by Sir Anwar Pervez, who remains Chairman.
