Abraaj Raises $52 Million From Orascom Construction Stake Sale

(Bloomberg) -- Abraaj Group sold its entire stake in Egypt’s Orascom Construction Ltd. as the private equity firm seeks to restructure amid allegations of misused funds.

The Dubai-based company sold its 5.4 percent holding in Orascom Construction at $8.30 per share, according to a statement on Nasdaq Dubai. The value of the stake is $52 million.

Read more: Dubai’s Star Investor Sees His Business Fall to Earth

Abraaj has been under pressure since February when some of its investors commissioned an audit to investigate the alleged mismanagement of money in its health-care fund. Kuwait’s Public Institution for Social Security last week filed a petition for the liquidation of the holding firm.

The buyout firm, which once managed almost $14 billion for institutions and supranational agencies from the U.S., U.K. and other countries, faces growing concerns about its viability and impending loan repayments.

Read more: Abraaj Holdings Said to Plan Provisional Liquidation Filing

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