Business | Investment
Dubai Group exits Egyptian investment
Dubai Group, a financial services company of Dubai Holding, said on Tuesday it has sold its 15 per cent stake in Egyptian Fertilisers Company (EFC) through its regional investment management company Dubai Capital Group.
- Staff Report
- Published: 00:41 May 14, 2008
Dubai: Dubai Group, a financial services company of Dubai Holding, said on Tuesday it has sold its 15 per cent stake in Egyptian Fertilisers Company (EFC) through its regional investment management company Dubai Capital Group.
Dubai Capital Group sold the stake to Egyptian group Orascom Construction & Industries (OCI) as part of a recent transaction between OCI and UAE private equity firm Abraaj Capital.
OCI said in February it was taking over the fertiliser production operations of Abraaj for $1.59 billion.
Mustafa Fareed Geninah, chief executive officer of Dubai Capital Group, has quit his seat on the EFC board after the divestment. Through this exit, Dubai Capital Group said it has realised an internal rate of return of 105 per cent, receiving 5.75 times its original investment in less than three years.
"Through this exit, we have delivered further exceptional returns and value for our investors," Geninah said.
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