Baltimore reduces stake in its Japanese operation

Baltimore has said that it has sold 11,000 shares in its Japanese subsidiary to investment fund CGI Ltd for €7.757m, according to a report by Reuters.

This sale reduces Baltimore's stake in the company from 62% to 19%. BTJ has a 12-year licence to distribute Baltimore's products in Japan.

The sale is part of a re-structuring by Baltimore which has being suffering from a cash shortage.

It recently sold Content Technologies, which it had been trying to sell for a number of months, for €33.6m to Clearswift.