The Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec), said it has signed an agreement to sell its 12 per cent stake in the Egypt-based Alexandria Carbon Black Company (ACBC) to the Aditya Birla Group, the majority shareholder of the company.
By doing so, Apicorp has set in motion a divestment plan aimed at mobilising funds for a new phase of investments, the firm said in a statement yesterday.
The divestment, Apicorp's first, was approved by its board on December 26. The UAE Government owns a 17 per cent stake in Apicorp.
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