CVCI sells stake in Emaar MGF to company's promoters
Citi Venture Capital International (CVCI) has exited its 1% investment in Emaar MGF Land Ltd, the Indian branch of Dubai realtor Emaar Properties PJSC, for a reported $60 million – up from the $50.98 million it paid in 2006.
According to local reports, CVCI offloaded its stake to the deal's promoters last month. The news comes as Emaar, which is the JV between Emaar Properties and Indian realty group MGF Development Ltd, has reportedly slashed its target for a proposed IPO by nearly half to $433 million. This has may have contributed to CVCI's decision to exit its stake, as Emaar MGF also postponed an IPO in both 2008 and 2009. In 2008, the company reportedly looked to raise more than $1.5 billion in the IPO, which was revised to $835 billion in 2009.
The venture's promoters Shravan Gupta, MGF and Emaar Holding, reportedly hold a more than 61.3% controlling stake in Emaar MGF, and investors, including CVCI with its 1.28% stake, held 4.69% of the company.
Emaar Properties, which is touted as the Gulf region's largest land and real estate developer, has completed major projects including the tallest tower in the world, the Burj Khalifa, completed in 2009, and the Dubai Mall.
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