Dubai group sells KEF stake for $178m
Dubai, June 29, 2011
Dubai International Capital (DIC) said it has successfully sold its 45 per cent stake in KEF Holdings, a UAE-based integrated valve manufacturer, to Tyco International for $178 million, thus netting substantial returns.
DIC said the sale to Tyco International, a global manufacturing company incorporated in Switzerland, was a big success as the company made a substantial return over the $126 million it had invested for the stake in September 2008.
Commenting on the deal, David Smoot, chief executive officer of Dubai International Capital said: “We are very pleased with the closing of this transaction, which achieved a significant return for DIC.'
'These exits evidence our strategy of realising maximum value from investments at the right time. DIC continues to focus on the development of assets in our core portfolio in order to ensure these assets generate strong returns,' he added.-TradeArabia News Service