Dubai International Capital announces successful completion of the sale of KEF Holdings stake

Dubai International Capital LLC, the private equity arm of Dubai Holding, confirmed today that it has completed the sale of its 45% stake in KEF Holdings (KEF) to Tyco International for a substantial return having signed a definitive agreement to do so in March this year.

KEF is a fully integrated valve manufacturer and one of the world's leading providers of steel castings to the oil and gas, chemical, mining and power industries. DIC sold its 45% stake in KEF for $178m, a substantial return over the $126m it acquired it for in September 2008.

David Smoot, Chief Executive Officer of Dubai International Capital said: “We are very pleased with the closing of this transaction, which achieved a significant return for DIC. These exits evidence our strategy of realising maximum value from investments at the right time. DIC continues to focus on the development of assets in our core portfolio in order to ensure these assets generate strong returns.