British retail tycoon Mike Ashley has pledged around 670 million pounds ($890.6 million) worth of shares in his sportswear and fashion retailer Frasers Group Plc as collateral for a loan from HSBC, according to filing on Tuesday.
Reuters
Ashley’s holding company, MASH Beta Limited, which holds the majority of Frasers’ issued share capital, pledged about 103.6 million ordinary shares.
Frasers’ shares were down about 1.3% at 646.5 pence as of Tuesday’s last close.
This move comes after the company’s heavy investments in newer geographies and taking or increasing shareholding in recent months across companies, from fashion groups to electrical retailers. Mike Ashley holds roughly a 73% stake in Frasers, according to data compiled by LSEG.
The company whose portfolio includes Sports Direct, House of Fraser and Flannels, reaffirmed its full-year profit forecast earlier this month.
