A unit of Dubai Holding has sold a 7 percent stake in Egyptian investment bank EFG Hermes (HRHO.CA) for $120 million, a TV station reported, in a sign the emirate's debt crisis is moving beyond troubled Dubai World.
Dubai's debt saga has shaken global investors since the emirate's Nov. 25 announcement it wanted a standstill on Dubai World debt. Fears are growing that Dubai Holding, which belongs to the ruler of the emirate, will be next to be restructured. [ID:nGEE5B80IB]
The 25 Egyptian pounds per EFG share sale to Western investment funds will leave Dubai Group with 75 percent of its holding in the investment bank, Al Arabyiya television reported on Wednesday.
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