UK investment firms eyes strategic exit | GulfNews.com:
"UK’s Ashmore Group Plc is engaged in discussions to offload its majority stake in a Saudi waste management firm, two sources aware of the plan said, with a sale likely seen raising about $250-$350 million (Dh918 million to 1.3 billion) for the fund manager.
London-based Ashmore has identified two parties as potential buyers for its around 65 per cent stake in Global Environmental Management Services (GEMS), and is currently in the process of picking a bidder to hold exclusive talks, one of the banking sources said, speaking on condition of anonymity as the sale process has not been made public. Ashmore has appointed Bank of America Merrill Lynch to assist with the sale process, the sources said.
Jeddah-based GEMS and Bank of America were not available for comment. Ashmore declined to comment."
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