Dubai – Mubasher: Dubai Financial Group is working with Citigroup Inc. to sell its stake in Bank Muscat after reaching an agreement with creditors, Bloomberg reported on Wednesday citing statements by sources familiar with the matter.
Dubai Financial Group’s 12.37% stake in Bank Muscat is valued at $300 million.
Earlier in May, the groups CEO, Fadel Al Ali, said that his company plans to sell its stake in its units SHUAA Capital, EFG-Hermes and Bank Muscat during 2016 as part of a restructure plan.
