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Flextech sells 23 per cent stake in HIT

British cable and satellite television company Flextech has agreed to sell its entire 23 per cent stake in AIM-quoted HIT Entertainment.

Flextech said it would realise pounds 7.5m from the sale compared to an initial investment of pounds 625,000 in 1990."HIT is no longer a strategic shareholding for Flextech and we are taking this opportunity to realise a significant return on our original investment," the company said.

Flextech's statement came after HIT said it would raise about pounds 8.1m net through a two-for-seven rights issue at a price of 270p per share. It plans to seek a full listing on the Stock Exchange.