British house builder Berkeley Group Holdings said investor Saad Group has cut its stake in the company by a further 6.7 million shares, according to a filing to the stock exchange on Friday. The filing said Saad had reduced its stake from above 14 percent to just under 9 percent, or 11.3 million shares, after sales at an unspecified price on June 10 and June 17. This follows a sale by Saad of 16 million shares in the construction group at a discounted 701 pence earlier this month and is a retreat from a stake of nearly 29 percent at the end of April. Privately-held investment company Saad has said it is restructuring its debt after it ran into unspecified difficulties. On Wednesday Saad also cut its holding in British chip designer Imagination Technologies to 7.6 percent of voting rights from 12.8 percent, according to a filing after the market close on Thursday. At 0957 GMT Berkeley shares were up 1 percent at 761 pence, underperforming both the FTSE midcap index, up 1.68 percent, and the housebuilders, which were boosted by a trading update from Taylor Wimpey earlier on Friday. Meanwhile, Dubai-based Mashreqbank said it is in talks with Saad Group and Ahmad Hamad Al-Gosaibi & Brothers Co. about their liabilities. Saad and AHAB have come under increased scrutiny from banks and regulators after facing difficulties paying some debts. Mashreq is negotiating with Saad and AHAB and their advisers along with the central banks, regulatory authorities and other banks to reach mutual agreements, said John Iossifidis, head of international banking at Mashreq.
