Dubai Financial Group, a subsidary of Dubai Group, has sold its 11.8 per cent share in EFG Hermes to the French lender Natixis.
The value of the holding was some EGP 951 million as of market closing last week. The deal is said to be part of the debt restructuring agreement reached with creditors in 2014, and follows the sale of Dubai group’s stake in SHUAA in June.
Fadel Al Ali, Chairman, Dubai Group, commented, “The sale of our stake in EFG Hermes is consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement.”
By Matthew Amlôt
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