Regent Pacific Group Ltd, the investment company that made an unsuccessful bid for BC Iron Ltd. last year, said that it may sell its 20% stake in the Australian iron ore producer to buy stakes in other miners.

According to a statement from the Hong Kong based company, Regent Pacific sought shareholder approval for a potential stake sale worth AUD 82 million close. Mr Jamie Gibson CEO of Regent Pacific's resigned as a non executive director of BC Iron Ltd.

Mr Tony Kiernan chairman Regent Pacific in a in the statement said that "I would like to acknowledge the considerable support Regent Pacific has provided to BC Iron over the years having taking its initial holding in the company some years ago."

Regent Pacific, which has a market value HKD 694 million, in January 2011 offered AUD 267 million, AUD 3.30 a share, for the stock in BC Iron it didn't own. The bid failed after biggest shareholder Consolidated Minerals Ltd, led by Ukrainian billionaire Mr Gennadiy Bogolyubov opposed the proposal.

Separately, BC Iron said it will sell new shares at AUD 3.04 apiece to help fund the purchase of an additional stake in the Nullagine Iron Ore Joint Venture from Fortescue Metals Group Ltd that was announced earlier this month.