Dubai Group is in talks to sell its 45 percent stake in a joint venture firm with cement maker Lafarge, two sources familiar with the matter said, as the state investment vehicle sells assets to repay its $10 billion debt pile.
Lafarge Emirates Cement, set up in 2005, is restructuring and needs additional capital to help support the business, something Dubai Group is unable to provide due to its debts.
While sources declined to put a value on the stake sale, one said it would essentially represent the amount required to be injected into the company by the stakeholder -- meaning Dubai Group might not receive a significant amount for the asset.
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