Monitise, the AIM-listed mobile payments technology firm, saw almost a third wiped off its market value on Thursday morning after Visa Inc said it would aim to offload its 5.5pc stake.
Visa told Monitise its plans were consistent "with Visa's investment practice to seed emerging players and, over time, taper that influence as the partner company grows". It originally invested in 2009.
He said: "Monitise is a global, agnostic and interoperable mobile money network of unique scale and capability. We are honoured to have our ongoing alliance with Visa as we continue to develop and expand our global network."
The company reiterated its guidance for the year and said it still expects to become profitable in 2016.
Monitise other major outside shareholders include Visa Europe, which owns 6pc, and Norges Bank, with 7.2pc. The largest, with 11.4pc, is the US hedge fund Omega Advisors.
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