Bestway Group, a wholesale and retail conglomerate, has agreed to buy a 3.45 per cent stake in UK supermarket chain J Sainsbury and may buy more in the future.

Bestway on Friday said it had agreed to acquire more than 80 million shares in Sainsbury’s,or 3.45 per cent of its capital. The stake is worth about £193 million (€219m).

The family-backed conglomerate, which owns Costcutter convenience stores, said it would hold its shares in Sainsbury’s for investment purposes, and “looks forward to supporting the executive management team”. It said it was not considering making an offer for the company.

Bestway also said it “may look” to buy more shares in the supermarket chain.

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Sainsbury’s said it would engage with Bestway “in line with our normal interactions with shareholders”.

Bestway’s portfolio includes the UK’s second largest wholesaler, pharmacy chain Well, and other businesses in Pakistan such as a cement manufacturer and a bank. – Copyright The Financial Times Limited 2023