Housebuilder Berkeley falls as 15% Saudi stake is sold

Published 09th Jun 2009

Housebuilder Berkeley has fallen sharply after around 15% of the company's shares was placed at a deep discount last night.

Citigroup sold 16.1m shares at 701p each to exisiting shareholders, and traders said the stake was part of the 28% shareholding owned by troubled Saudi group Saad. The Saudi bank last week reportedly froze the bank accounts of Saad founder Maan al-Sanea.

Berkeley has fallen 80p to 745p - a 9% drop - leading the mid-cap losers. Earlier this year Saad supported a £50m placing at 840p a share designed to help the company buy more land when it became available.

Source: ' Guardian '

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