Dubai Group hires Emirates NBD as financial adviser for stake sale in Shuaa
Dubai Group has hired Emirates NBD to help find a buyer for its stake in investment bank Shuaa Capital. The sale process is at an early stage and may not result in a deal. Dubai Group holds a 48% stake in Shuaa Capital worth USD100 million. Dubai Group, which is controlled by Dubai Holding, was one of several companies in the emirate that were forced to restructure loans arranged before property prices slumped and credit markets froze after the 2008 global credit crisis. The company reached a final agreement with lenders to restructure USD6 billion in debt in 2014 after three years of talks. Dubai Group also owns stakes in Oman’s biggest lender Bank Muscat and in Egyptian investment bank EFG-Hermes. (Bloomberg) Emirates NBD (DU): AED7.81 as of 10 April 2016, Rating: Buy, FV: AED10.00 per share, MCap: USD11,827 million, EMIRATES UH / ENBD.DU Bank Muscat: OMR0.40 as of 10 April 2016, Rating: Buy, FV: OMR0.49 per share, MCap: USD2,508 million, BKMB OM / BMAO.OM
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