KPHL made the official announcement today after the decision was made yesterday.
Chairman Moi Avei said this was a commercial decision by the board that was in the best interest of KPHL.
Managing Director Wapu Sonk said the decision to sell the shares had been looked at over the last two years but had been waiting the right time.
He said with the current pricing, the board decided that it was time to sell.
The MD said the shares were sold at $6.70, a dollar thirty short of the purchase price of $8.