The Hill family trust has sold down a 10th of its stake in Michael Hill International, in a move its founder and namesake Michael Hill says will enhance the stock’s liquidity following its listing on the Australian stock exchange.

The trust, Hoglett Hamlet, sold 16 million shares to a number of unrelated parties for A$25.6 million (NZ$27.3 million). It had owned 164.3 million shares, or 42.9 per cent of the jewellery chain, and now holds 38.9 per cent.

“Since the move of Michael Hill International Ltd to ASX there has been very strong demand from Australian investors,” Hill said in a statement. “We have often been advised that the Hill family could enhance the liquidity and appeal of the company’s shares if we reduced our holding.”

Hill said the trust doesn’t have any current plans to sell further shares, and Hill family interests still own 48.7 per cent of the company.

AAP