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Dubai Group looking to divest ONIC stake
- United Arab Emirates: 6 hours, 12 minutes ago
Dubai Group is in talks to sell its stake in Oman National Investment Corp Holding (ONIC), Reuters has reported, citing three sources familiar with the matter. Based on the Omani company's current market value, Dubai Group's near-42% stake would raise about $54m. "The ONIC stake is an asset Dubai Group has been looking to sell for a while, but the key question was whether they could find a potential buyer. They seem to have it now and a sale will ease a bit of pressure," one banking source said. Dubai Group also owns a 14.7% stake in Oman's top lender, Bank Muscat and its other financial assets include stakes in Egypt's EFG Hermes and Cyprus Popular Bank, formerly Marfin.
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