22nd Oct 2018 10:55
LONDON (Alliance News) - Fund manager and investor First Property Group PLC said on Monday it has reduced its shareholding in fund Fprop Opportunities PLC to 44%.
The stake reduction will allow the fund to be deconsolidated from First Property's accounts, with its remaining share of the profits of Fprop accounted as an associate undertaking.
The deconsolidation is expected to produce a greater contribution to profit from First Property's fund management division, and reduce the value of group properties and associated financial liabilities in the group's consolidated accounts.
First Property will continue to sell its shares in Fprop until its interest has been reduced into the range of 25% to 30%.
Shares in First Property were down 2.1% at 49.55 pence on Monday.
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First Property