Dubai: Dubai Financial Group, a unit of Dubai Group, said on Sunday it has sold its 11.8 per cent interest in EFG-Hermes Holding Company to Natixis Group.
Financial details of the deal were not disclosed in an emailed statement sent by Dubai Financial Group.
“The sale of our stake in EFG Hermes is consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement,” Fadel Al Ali, Chairman, Dubai Group, said in a statement.
In 2014, Dubai Group had reached final agreement with all financial lenders regarding the restructuring of approximately $6 billion (Dh22 billion) of bank facilities, with another $4 billion of related party debt was subordinated to the claims of the bank creditors.
“This successful conclusion is an important milestone towards our future and long-term financial stability. We are confident that this restructuring, combined with the improving market conditions and asset valuations, will provide us with an excellent platform to move forward,” Fadel Al Ali had then said.
Dubai Group is a financial services arm of Dubai Holding, the investment holding company. Natixis, a European banking leader, has an extensive international presence with offices in Europe, the Americas, Africa, Asia and Australia.
