Dubai: Abraaj Capital on Sunday said it has sold its stake in Maktoob.com, generating an internal rate of return (IRR) in excess of 75 per cent.
The company, however, declined to divulge the value of the deal.
The Abraaj stake, which was acquired in 2005 by the Abraaj Buyout Fund, was sold to Tiger Global Management, an existing shareholder in Maktoob.
Founded in 2000 and headquartered in Amman, Jordan, Maktoob is the leading internet portal in the Arab world, providing a variety of online services to its millions of users, including the most-visited Arabic-language auction facility (Souq.com), the first Arabic-language search engine (Araby.com), an interactive TV joint venture with MBC (Maktoob TV), the largest Arabic matrimonial website (Bentelhalal.com), the leading online Arab sports community (Sport4ever. com), and Arabic and English web-based e-mail and chat rooms.
Maktoob also offers prepaid online payment cards under the brand name CashU.
Maktoob.com recently reached a significant milestone when it was ranked as the 102nd most visited site on the internet globally, the most visited Arabic site in the Arab World and among the top 10 most visited global sites in each of the six GCC states.
Arif Naqvi, vice-chairman and chief of Abraaj Capital, said: "Led by ambitious young men and operating in a high-growth environment with significant market potential, Maktoob was an attractive acquisition candidate in 2005. Since our initial investment, the company has realised the promise of growth, significantly expanding its web-based offerings, revenues and gross profits."
"The Maktoob exit follows extremely successful exits of ONIC Holding (84 per cent IRR), Aramex (68 per cent IRR), Amwal (101 per cent IRR) and Septech Holdings Limited (39 per cent IRR) for the Abraaj Buyout Fund."
