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Group sells stake in EFG-Hermes

International Business
Mon, 15 Aug 2016

Dubai: Dubai Financial Group sold its 11.8 per cent stake in Egyptian investment bank EFG-Hermes Holding to France’s Natixis under a debt restructuring deal, its parent company said yesterday.

The sale was “consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement,” Dubai Group chairman Fadel Al Ali said.

The price of the transaction was not disclosed. Based on Thursday’s closing price, the stake is worth $107 million.

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. 

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