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U.S.-based investment firm Moon Capital Partners Master Fund Limited has sold 8.182 million shares in the Egyptian Kuwaiti Holding (EKH), worth EGP 168.88 million ($10.75 million).
This is according to a disclosure filed with the Egyptian Stock Exchange (EGX), as seen by Billionaires.Africa.
Led by Chairman and Co-CEO Al-Moataz Adel Mahmoud Al-Alfi, EKH is an Egypt-based investment company with a diversified portfolio of investments in sectors such as energy, insurance, manufacturing, fertilizers and petrochemicals.
The company was recently listed on the EGX 30 Index as one of the bourse’s top 30 stocks.
According to the disclosure, Moon Capital sold 8,182,292 in EKH at an average price of EGP 20.64 per share, translating to a gross value of EGP 168.88 ($10.75 million). The sell-off reduced the stake of the shareholder in EKH to 4.80 percent, from the 5.52 percent recorded previously.
The deal was executed on Sept. 5 by Financial Brokerage Group, a subsidiary of EFG Hermes Holding Company. EFG Hermes Holding Co. is an Egyptian company focused on security brokering and flotation companies.
Details of the deal further revealed that the transaction did not reduce Moon Capital Partners Master Fund Limited’s long-term economic exposure to EKH. Instead, the company transferred a portion of its existing long-term position from physical shares to long-term equity swaps.
Moon Capital Partners Master Fund Limited is a global investment management firm headquartered in New York, with a research and trading office in Singapore. It invests in public equities globally, with a focus on emerging markets. The firm was founded in April 2005.
As of press time, Dec. 9, shares in EKH closed at $1.36 per share.
