The Spanish tourism leader Barcelo sold 5% of its stake in First Choice on Friday leaving it with 16.2%, but confirmed that “it intends to remain a substantial shareholder for the foreseeable future.” Simon Barcelo, chairman of the privately-held company, will stay on as a non-exec with First Choice.Under a deal struck in 2000, Barcelo is not allowed to shift any more First Choice shares for six months, unless it decides to sell the lot. The 26.4 millions shares were sold to ‘a number of institutional investors.’