Teddy Sagi, the founder of London-listed gaming software giant Playtech, has sold his final remaining 4.8 per cent stake in the company he set up nearly two decades ago.
A statement released on Friday by Globe Invest, the Sagi family office, confirmed a stake of around 15.2 million shares had been divested via the entrepreneur’s Bricklington Trading.
The sale, at a rate of around 446p a share, is worth $87.2m and signals the end of Sagi’s involvement in Playtech, which he set up in 1999. Following the news, Playtech stock rose slightly to 455p.
The share price remains low following July’s profit warning, which saw the company’s value tumble by around 30 per cent. In mid 2017, Playtech stock reached an all-time high of more than £10 a share, more than twice today’s value.
This final sale is the last in a series of offloads as Sagi has gradually reduced his interests in the company.