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Wed 26 May 2010 02:30 AM

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Dubai not planning to sell Marfin Investment

Dubai Group does not intend to sell its stake in the investment group or bank.

Dubai not planning to sell Marfin Investment
NO SALE: Dubai Group has said that it does not plan to sell its holdings in Marfin Investment Group and Marfin Popular Bank. (Getty Images)

Dubai Group doesn’t plan to sell its holdings in Marfin Investment Group and Marfin Popular Bank of Greece, said the investment company owned by Dubai’s ruler Sheikh Mohammed Bin Rashid al Maktoum.

In response in questions from Bloomberg News, Dubai Group said: “Following a meeting in Athens, Greece, Dubai Group confirmed that it does not intend to sell its stake in both Marfin Investment Group and Marfin Popular Bank."

It said: “Dubai Group has nominated three of its representatives to be elected as board members in the forthcoming annual shareholders meeting of both companies and has expressed its full satisfaction and confidence for the companies’ management under the leadership of Andreas Vgenopoulos."

Dubai Group owns 17.8 percent of Marfin Investment and has a 17.3 percent stake in Marfin Popular, according to Bloomberg data.