Dubai Financial Group (DFG) agreed with Marfin Popular Bank (MPB) to purchase its stake in buyout firm Marfin Investment Group (MIG), the Dubai firm said in a bourse filing on Thursday.
DFG will buy about €53.5 million (Dh287.7 million), or 6.45 per cent, of MIG shares held by MPB for €7 (Dh37.6) a share as part of the Emirates-based holding company's plans to increase its stake in MIG to up to 20 per cent.
DFG, which has about 9 per cent of MIG, said the transaction will be completed no later than March 31 this year.
DFG has also said it plans to raise its holding in MPB to as much as 30 per cent over time from about a 17 per cent.
MIG, with a market value of about €3.7 billion (Dh20 billion), has holdings in shipping, telecoms, healthcare and real estate. (Reuters)
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