Anthony Scali, managing director and CEO of furniture retailer Nick Scali, has sold 4,600,000 shares in a fully underwritten block trade.

The move is part of a strategy to diversify the family's assets, increase the company's free float, and will involve selling shares to institutional investors.

Post-sale, Scali, through Scali Consolidated, retains 6,439,474 shares, maintaining a 7.95% ownership stake as the largest shareholder.