Albert Frere sells his 6.6 percent stake in Burberry

Billionaire Albert Frere has sold his entire stake worth 498 million pounds (673.6 million dollars) in Burberry Group Plc. According to a statement released by his company, the Groupe Bruxelles Lambert and its wholly owned subsidiary GBL Energy, the company has successfully sold 6.6 percent of the capital of Burberry, corresponding to 27.6 million shares.

Regarding the sale of the Burberry shares, Ian Gallienne and Gérard Lamarche, co-CEOs of Groupe Bruxelles Lambert, said in a statement: “The sale of 27.6 million Burberry shares for an amount of approximately 498 million pounds allows GBL to achieve a capital gain of approximately 83 million pounds. The proceeds from the disposal will be redeployed into other investments, in line with GBL’s portfolio diversification strategy.”

The stake placement in Burberry, which was managed by Goldman Sachs, represented approximately 3 percent of GBL’s most recently disclosed net asset value.

Picture:Burberry website