Swedish Match substantially reduced its one-third stake in cigar maker Scandinavian Tobacco Group (STG) by selling 13 million shares at DKK 106 (EUR 14.24) per share, the company announced.

The snus manufacturer had owned 31.1 per cent of STG, a holding that has been reduced to 18.1 per cent. STG became a public company early this year when it sold equal amounts of shares formerly held by Swedish Match and Skandinavisk Holding. That sale lowered Swedish Match’s stake in STG from 49 per cent.