Dubai Group sells stake in EFG-Hermes
Dubai Group LLC, an investment company owned by emirate’s ruler Sheikh Mohammed Bin Rashid al-Maktoum, on Wednesday started to sell a $91 million stake in Egyptian investment bank EFG-Hermes Holding, the largest publicly traded bank in the Arab world, Alarabiya TV reported.
According to an insider at the company, Dubai Financial, a unit of Dubai Group, is offering 19.1 million shares at about $4.57 (25 Egyptian pounds) each. The shares of EFG-Hermes Holding are traded at the Egyptian bourse. The sale, managed by Citigroup Inc., will leave Dubai Group’s stake in EGF-Hermes at 20 percent, down from its current stake of 25 percent.
- Dubai Financial Group and Abraaj Capital agree on transaction for 24.62% stake in EFG-Hermes
- Abu Dhabi investment authority accumulates an 8% stake in EFG-Hermes Holding
- Egypt: EFSA cite "lack of experience" in quashing QInvest-EFG Hermes tie-up
- Telecom Egypt looking to buy 16 percent stake in Vodafone Egypt
- "Bushret Khair": Egypt's stocks hit highest level in 6 years post-Eid trading