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Dubai Financial Group is working with Citigroup to find a buyer for its stake in Omani lender Bank Muscat after the sale was triggered by an agreement with creditors,
according to people familiar with the matter. The 12% stake is worth about $300mn based on current market prices, according to Bloomberg data. It’s drawing interest from local pension funds and family offices in Oman, the people said, asking not to be identified as the information is private. No final decision has been made, and an agreement hasn’t been reached with any of the parties, according to the people. The firm needs the funds to repay its creditor Natixis. The French firm initiated the sale under the terms of a restructuring deal Dubai Financial made with lenders more than two years ago, people familiar with the matter said in May.
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