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Loud booms were also heard in the region, which the military said came from missile interceptors that had been launched
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Dubai Group Sells 25m Shares in EFG-Hermes
DUBAI — Dubai Group LLC has sold 25 million shares in Egyptian investment bank EFG-Hermes Holding SAE, the Egyptian Exchange said on Thursday. Dubai Group confirmed that it has sold part of its stake in the bank, without specifying the number of shares.
“While the decision to sell follows the reassessment of Dubai Group’s investment strategy, Dubai Group still believes strongly in the strategic nature of its remaining stake in EFG Hermes and the solid leadership it has to continue to grow the firm across the region and internationally,” Dubai World said in a statement.
Neither Dubai World nor the Cairo-based bourse, which announced the transaction on its web site, gave a price for Wednesday’s share sale.
Two people familiar with the deal said that Dubai Group raised about $114 million by selling a 6.5 per cent stake in the biggest publicly-traded Arab investment bank.
Dubai Group unit Dubai Financial sold the shares at 25 Egyptian pounds each, these people said, declining to be identified before the sale was announced.
Dubai Group bought a 25 per cent stake in Cairo-based EFG-Hermes for $1.1 billion from private equity investor Abraaj Capital Ltd. in November 2007.
Dubai Group is owned by Dubai Holding LLC, which has diverse interests including real estate, hospitality and finance.
Spokesmen from Dubai Group and EFG-Hermes could not immediately be reached for comment.
EFG-Hermes stock closed 2.9 per cent higher at 26.81 pounds.
The shares fell by 7.1 per cent on Wednesday.
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