Frasers Group increases stake in Marks Electrical

(Sharecast News) - Mike Ashley's Frasers Group further expanded its investment in Marks Electrical Group on Friday, increasing its shareholding to 7.85%, according to regulatory filings. It marked a significant rise from the initial 6.4% stake, disclosed in late November when the Sports Direct owner acquired over 6.73 million shares in the UK-based electrical retailer.

Marks Electrical welcomed Frasers Group as a shareholder at the time.

It described the initial investment as a vote of confidence in the company's growth potential and its strategy to establish itself as a leading player in the UK electrical retail sector.

At 1111 GMT, shares in Marks Electrical Group were up 1.98% at 54p, while those in Frasers Group were down 0.43% at 583.5p.

Reporting by Josh White for Sharecast.com.