Abraaj sells internet stake

30 December 2007
Dubai-based private equity firm Abraaj Capital has sold its stake in Jordanian internet portal Maktoob.com.

Abraaj’s buyout fund sold the stake it acquired in 2005 to an existing shareholder, the US’ Tiger Global Management.

By the end of 2008 the buyout fund is expected to have sold all its remaining assets that include stakes in supermarket chain Spinneys, Jordanian aircraft services provider JorAMCO and Pakistan’s BMA Capital Management.

The Maktoob sale is the private equity firm’s second exit this month following the divestment of its stake in Dubai-based construction company Arabtec Holding in early December. Abraaj sold its 25 per cent stake in Egyptian investment bank EFG-Hermes in November.

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