By Lisa Burroughes, 20 January 1999 17:59
NEWS National Grid plans to sell a third of its share in UK business telco, Energis. The UK energy company said current market conditions are ideal for it to continue its three-year strategy to slim down its stake in what it calls a "non-core business". CEO, David Jones said reducing National Grid's voting share in Energis to less than 50 per cent qualifies the telco for the FTSE All-share index, making it more attractive to investors. National Grid said it expects to raise £1.1bn from the sale of its shares, but the final price will not be decided until next Tuesday.
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