Fortescue is the world's fourth-biggest iron-ore miner
US-based investment management firm Capital Group Companies has sold shares worth A$733.9-million in Australian miner Fortescue, according to an exchange filing on Wednesday.
The announcement came after the Australian Financial Review reported on Tuesday that an institutional investor had sold off a A$1.1-billion stake in billionaire Andrew Forrest-led Fortescue after the close of trade on Monday.
Capital Group Companies and affiliated entities pressed sell on 31.6-million shares in the miner on Friday, the filing showed.
The price at which the shares were sold is not clear. However, they are estimated to be worth about A$733.9-million based on Fortescue's Friday close of A$23.2.
Capital Group declined to comment on the sale price and the rationale behind the sale when Reuters contacted.
Shares of the world's fourth-largest iron-ore miner have fallen nearly 25% so far this year, given weakening iron-ore prices amid subdued demand in top steelmaker China.
Fortescue has also seen a high turnover of senior management amid a push to turn itself into a green energy company.