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|14 June, 2018

Abraaj sells entire stake in Orascom Construction

Embattled private equity firm Abraaj has sold its entire 5.4% stake in Orascom Construction Ltd for about $52mln

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

REUTERS/Mohammed Salem

DUBAI - Embattled private equity firm Abraaj has sold its entire 5.4 percent stake in Orascom Construction Ltd for about $52 million.

The move came after the company crossed a 5 percent filing threshold on June 6, Abraaj said in statement in Dubai.

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Abraaj is facing two lawsuits from creditors over the non-payment of debt and is battling allegations that it misused investor money in a $1 billion healthcare fund, a charge it denies. (Reporting by Saeed Azhar; Editing by Subhranshu Sahu)

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