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.
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