Dubai sells its 15% stake in Egyptian Fertilizers Co

14 May 2008 13:05  [Source: ICIS news]

DUBAI (ICIS news)--Dubai International Capital, the investment arm of Dubai Capital Group, has divested its 15% stake in Egyptian Fertilizers Co, the investor said today in statement on Wednesday.

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.

The company said that it gained Egyptian pounds (£E) 720m ($134m) from this transaction.

OCI said in February it merge the fertilizer operations of Abraaj with its own in a $1.59bn deal.

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," said Dubai Capital Group CEO Mustafa Fareed Geninah.

Geninah has quit his seat on the EFC board after the divestment.

($1 = £E5.36)

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By: Abdelghani Henni
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