UPDATE 1-Dubai Holding arm plans to sell stake in Swatch-backed retailer -sources | Reuters:
"* DIC in talks with Saudi-based Al Rajhi Capital - sources
* Rivoli sale seen by year-end - sources
* Dubai has been stepping up asset sales
By Dinesh Nair and Mirna Sleiman
DUBAI, Oct 28 (Reuters) - The private equity arm of Dubai Holding, which is owned by the emirate's ruler, is planning to sell its minority stake in a luxury retailer backed by Swatch, four banking and industry sources aware of the matter said.
The unit, Dubai International Capital (DIC), is in exclusive negotiations to sell its 18 percent stake in Rivoli Group to Saudi-based Al Rajhi Capital, the investment banking and private equity arm of the kingdom's top listed lender, Al Rajhi Bank , the sources said.
The sources, who spoke on condition of anonymity, did not provide a potential value for the deal."
'via Blog this'
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