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Thu 10 Sep 2009 11:06 AM

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Daniel Stewart gets Mideast investment

British stockbroker to place 110m new ordinary shares with Prime Group at a price of 2.1 pence/share.

Daniel Stewart gets Mideast investment
(Getty Images)

British stockbroker Daniel Stewart Securities said on Thursday Middle East investment bank Prime Group had agreed to invest 2.3 million pounds ($3.81m) and take a 26 percent stake.

Daniel Stewart said it would place 110 million new ordinary shares with Prime Group at a price of 2.1 pence per share.

As part of the deal, Daniel Stewart said representatives from Prime Group would join its board.

The company said the placing would enhance its balance sheet, give it access to significant pools of capital in the Middle East and North Africa, and improve its research offering.

Prime Group, which was founded in 1992, is headquartered in Cairo, Egypt, with regional offices in Abu Dhabi, Dubai and Qatar.

The placing is conditional on completion of due diligence, regulatory approval, and shareholder approval at the company's annual general meeting on Sept 30. (Reuters)

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