August 14, 2018

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Abraaj sells entire stake in Orascom Construction for $52mn

Abraaj Group
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Embattled private equity firm, Abraaj, has sold its entire 5.4% stake in Egypt-based Orascom Construction Ltd for about $52mn.

The move came after the company crossed a 5% filing threshold on June 6, the company said in statement in Dubai.
The holding company is facing two lawsuits from creditors over the non-payment of debt and is battling allegations that it misused investor money in a $1bn healthcare fund, a charge it denies, reported Reuters.
In addition to this, in India, Kumar Mangalam Birla-controlled Aditya Birla Group, which tied up with private equity house Abraaj Group in 2015 for its renewable energy business, is said to be seeking a new investor for the business, reports said.
Aditya Birla Renewables Ltd is a joint venture between the Birla Group and Abraaj, with Birla holding a 51% stake and Gulf-based holding company the remaining 49% stake.


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