The Portuguese newspaper group, Jornalgeste, has confirmed that it has sold its 2 per cent shareholding in Independent Newspapers for 2.2 billion escudos (£8.9 million).

Jornalgeste and Independent took crossshareholdings in each other in September 1994 with a view to exploring joint ventures in Portuguese speaking Africa.

Independent has a 12 per cent stake in Jornalgeste and has been progressively increasing its stake in the company which published the two biggest circulation newspapers in Lisbon and Oporto.