Sun, 20 Jun 2010 | BUSINESS SALE
Just days after Sameer Al Ansari, the chairman of Dubai International Capital, handed in his resignation, the international investment company has reportedly appointed Deloitte to review its UK operations.
This could possibly lead to a sale of some or all of its UK holdings which include the healthcare technology and diagnostics group Alliance Medical, the budget hotel chain Travelodge and the engineering company Doncasters.
The Chairman’s resignation followed the poor performance of the portfolio which unsuccessfully tried to compete with Europe’s larger private equity players. As well as leaving the investment committee of DIC, Al Ansari has also left the boards of Doncasters and Travelodge which last year lost £125m and £102m respectively. He remains head of the unconnected Dubai investment bank SHUAA Capital.
DIC bought Alliance Medical in 2007 for £600m from private equity firm Bridgepoint. Alliance Medical’s lenders are threatening to take control of the company if DIC do not inject up to £150m within three weeks.
But DIC itself has debts of $2.5 billion (£1.7 billion) and has asked its lenders for a three month extension on loans of $1.2 billion (£830 million) due at the end of June. Since January this year DIC has been under the direct control of its parent company Dubai Holding.
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