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Abraaj sells entire stake in Orascom Construction

Abraaj sells entire stake in Orascom Construction

Cairo: Embattled private equity firm Abraaj has sold its entire 5.4 percent stake in Orascom Construction Ltd (ORAS) 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.

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.

Source: Reuters

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