Daniel Stewart offloads stake to Middle East investor Prime Group
STOCKBROKER Daniel Stewart has agreed a deal to sell a 26 per cent stake in the business to Middle Eastern investment bank Prime Group, raising £2.3m and allowing the group access to the Gulf and North African markets.
Daniel Stewart said it had conditionally placed 110m new ordinary shares at 2.1p per share with Prime Group, which is headquartered in Cairo, Egypt.
Chief executive Peter Shea said the deal would allow the firm access to significant pools of capital in the Middle East and North Africa (MENA) region.
As part of the agreement, Daniel Stewart will also appoint new directors from Prime Group to the board.