Mubasher: In continuation of the announcements pertaining to ties and exposure to ailing Abraaj Group, Ithmaar Group on Sunday had a few investments with the company.
We have 1% in Abraaj Holdings, representing $15 million, which are indirectly held through Abraaj Capital Co-Investors Limited, the Bahrain, Kuwait, and Dubai-listed holding company revealed in a bourse filing.
It added that it had a 5% stake in the Infrastructure and Growth Capital Fund LP (IGCF LP) as well as a 24.5% stake in IGCF General Partner Limited, which it said was the general partner of IGCF LP.
Ithmaar did not specify the value of its stakes in IGCF LP or its partner.
The announcement comes in compliance with the circular issued, in June, by the UAE’s Securities and Commodities Authority (SCA), which requires all UAE-listed firms to disclose their exposure to The Abraaj Group, which filed for liquidation and is undergoing a court-supervised restructuring.
Dubai-based Abraaj’s woes came to light in May after money misuse allegations arose in the company’s $1-billion healthcare fund.
Analysts previously told Mubasher that companies’ disclosures on the two UAE bourses regarding their exposure to Abraaj would help restore investor confidence in local equity markets.
