THE Portuguese newspaper group, Jornalgeste has sold its entire share holding in Independent Newspapers. The two companies took small cross shareholdings in each other in September 1994 with view to exploring joint ventures in Portuguese speaking Africa.

However, market sources confirmed that the Portuguese group this week sold its 1.5 per cent stake in Independent to raise around £8 million for expansion in the Portuguese market. The company recently expanded into radio in Portugal.

Independent Newspapers is understood to have no plans to sell its stake in the Portuguese company.