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Mauritius-based Astoria Investments to sell 17.46% stake in UK wealth manager

Mauritius-based Astoria Investments Ltd., through its wholly owned subsidiary Astoria Investments (UK) Ltd., entered into a conditional share purchase agreement to sell a 17.46% stake in British wealth management firm Kingswood Holdings Ltd. to KPI (Nominees) Ltd. for a consideration of roughly £2.1 million, or 7.5 pence per ordinary share.

Astoria Investments noted that the deal is in line with its investment policy, which was approved by shareholders March 20, with the proceeds of the transaction to be reinvested in short-term liquid investments.

The disposal consideration is expected to be settled in cash on the fifth business day following the date on which all precedent conditions of the deal are satisfied.

The Mauritian asset manager said it will make another announcement once the deal becomes unconditional.