EFG bookbuild signals start of Dubai sell-off
Investors expect a wave of share sales from Dubai Holding after the Gulf state vehicle shed a 7% stake in Egyptian investment bank EFG Hermes on Tuesday night. The company did not disclose how it will use its E£625m ($114m) proceeds from the placement, which reduced its holding to 19% from 25%. But the emirate is struggling under a heavy debt burden.
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