Associated British Foods PLC (LSE:ABF) owner Wittington Investments has sold a chunk of its shares in the Primark group to keep its stake at around the 56% level.
Wittington is the vehicle of the Weston family, which has controlled AB Foods for generations.
UBS sold 10.3 million shares of Howard Investments, a Wittington subsidiary, for £262 million or 2,550p each.
That represents a discount of around 4.1% to Thursday's closing price.
In a statement, Wittington said its stake had crept up to 57.75% following recent share buybacks and it want to lower it slightly.
Shares in the food group and clothing retailer recently touched a five-year high after bumper numbers in April driven by a “stellar” performance from Primark.