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Local firms in panic over investor’s financial problems
Mr Arif Naqvi, CEO of Dubai-based private equity firm Abraaj, at a past event. The firm is in trouble with some of its funders over investment money, putting in jeopardy a takeover deal that would have injected cash in the firm. PHOTO | COURTESY
Emerging reports that US investment manager Colony Capital’s deal to take control of four funds belonging to Dubai-based private equity firm, Abraaj, is encountering investor resistance has left Kenyan firms where the fund has recently pumped billions of shillings in a cloud of uncertainty.
The deal by the US firm to take over Abraaj’s funds announced last month was billed by Abraaj as a rescue plan. But several news reports now predict that the deal could fall through because the embattled Abraaj has not provided some of the information required by Colony.
