FirstCape Group has built up its stake in New Zealand telco Spark to more than five percent.

As reported by Mobile World Live, Spark disclosed that New Zealand-based FirstCape Group now has a holding of close to 93 million ordinary shares, or a 5.043 percent stake.

The stake is managed by FirstCape's subsidiary Harbour Asset Management.

The disclosure comes a few days after Spark confirmed it sold its remaining 17 percent stake in its mobile tower unit Connexa to global investment group CDPQ for NZ$314 million ($181m).

That particular sale was no surprise, given Spark revealed in a previous earnings guidance that it was working to sell its stake in tower business Connexa less than two months ago.

However, the company recently lowered its EBITDA guidance by around four percent for the current fiscal year.

Since the beginning of the year, Spark's share price has dropped by 44 percent.

The telco, which is New Zealand's largest mobile operator, has more than 2.7 million mobile customers.

The carrier has previously noted that it will remain focused on delivering growth to its shareholder value through its data center strategy.

In April of last year, the telco announced a three-year strategy to invest between $156 million to $189 million in data centers.