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Sybos Holdings, a unit of Zuellig Group, said it had entered into a block trade agreement with a financial institution to underwrite the sale of about 27 million shares (13.2%) in Ebos Group at $35.50 a share.

Following the sale Sybos - once a cornerstone shareholder - will have a 4.9% shareholding in Ebos.

Sybos said it had agreed to an escrow arrangement with respect to its retained shareholding for a period of 90 days following the sale.

Prior to the sale, Sybos said it had not sold any of its shares in Ebos since 2020 and it continued to remain supportive of the company’s business and announced strategy.

“Sybos’ decision to reduce its ownership in Ebos supports diversification of assets and redeployment of capital to other growth opportunities,” Sybos Holdings’ Thomas Zuellig said in a letter to the Ebos board.

“As you will be aware, we have not had any director representation on the Ebos board for several years and Sybos confirms that it does not possess any information that is not generally available that a reasonable person would expect to have a material effect on the price or value of Ebos’ shares,” the letter said.

Ebos is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products in Australia and New Zealand.

The sale went through the exchange this morning, with almost $27m shares, worth $951.9m, trading.

In June 2020, Sybos sold 15m Ebos shares at $21.52, raising $322.8m.

Ebos shares last traded on the NZX at $36.40, down $2.55 or 6.55%.

With a market capitalisation of $7.4 billion, Ebos is one of the market’s biggest companies.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.