Tuesday, Jul 19, 2011
ZURICH (Dow Jones)--Elevator and escalator maker Schindler Holding AG (SCHN.EB) Tuesday said it has sold a 10% stake in Saudi Elevator Co. to Olayan Financing Co.
Olayan, a private company comprising more than 40 businesses, which in February bought contingent capital bonds in Credit Suisse Group (CS), bought the stake for an undisclosed amount.
Both partners will be represented equally on the board of the company.
Schindler said it is "delighted to have found in the Olayan Group an internationally renowned partner with strong roots in the region."
In 2010, Schindler became the sole owner of Saudi Elevator, acquiring 80% of the shares to add to the 20% that it already owned.
The acquisition strengthened the position of the Schindler Group in the Gulf region's largest market, the company said.
-By John Revill, Dow Jones Newswires; +41 43 443 8042; john.revill@dowjones.com
(END) Dow Jones Newswires
19-07-11 1609GMT
