Alexa

Dubai firm sells stake in manufacturer to Tyco

Dubai firm sells stake in manufacturer to Tyco

An investment firm owned by Dubai's ruler says it has agreed to sell its stake in steel product manufacturer KEF Holdings to Tyco International for $178 million.
Dubai International Capital said Monday it paid $126 million for the 45 percent stake when it acquired it in September 2008.
KEF makes valves and steel castings for the oil and gas sector and other industries.
DIC is part of the Dubai Holding conglomerate controlled by the emirate's ruler, Sheik Mohammed bin Rashid Al Maktoum. Like other Dubai state-linked companies, it has been working to re-negotiate and pay down billions of dollars in debt.


Updated : 2021-04-18 07:39 GMT+08:00