Raymond sells Costain shares

Raymond International has sold a further three million of its shares in Costain, leaving it with a 3.5% holding.
Raymond was one of three large shareholders that stepped in to save Costain in its darkest days in the mid-1990s. Cumulatively, this trio held 73% of Costain's shares, providing the group with sufficiently strong support to give it a future.
US group Raymond took a 12% stake, but as Costain's shares staged a comeback, climbing from a low 13p to their current 40p high, Raymond cashed in some of its chips. In May, Raymond sold 3.5 million Costain shares, reducing its holding to 5.5%.