GulfBase Live Support
Leave a message and our representative will contact you soon
15/08/2016 05:21 AST
Dubai Financial Group sold its 11.8 percent stake in Egyptian investment bank EFG-Hermes Holding to France's Natixis under a debt restructuring deal, its parent company said on Sunday.
The sale was "consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement," Fadel Al-Ali, Dubai Group chairman, said in a statement.
The price of the transaction was not disclosed. Based on Thursday's closing price, the stake is worth around $107 million, according to Reuters calculations.
Dubai Group completed a drawn-out restructuring of its $10 billion debt pile in January 2014, with banks extending repayment deadlines on loans so that the group could be given time to sell its assets to raise cash needed to fund the payments.
As part of its restructuring deal, it recently completed the sale of a 48.4 per cent stake in Dubai-based Shuaa Capital to Abu Dhabi Financial Group (ADFG) for an undisclosed amount.
Dubai Group was obliged to divest its holdings in EFG-Hermes, Shuaa Capital and Bank Muscat this year, al-Ali, who is also chief executive of Dubai Group's parent firm Dubai Holding, said in May.
Trade Arabia
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
05/04/2018
Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r
The National
05/04/2018
Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti
Times of Oman
05/04/2018
Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s
Gulf News
04/04/2018
Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank
Times of Oman
04/04/2018
Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b
Gulf News