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2 EGX-listed firms deny ties to UAE's Abraaj

2 EGX-listed firms deny ties to UAE's Abraaj
Abraaj has been facing allegations of money misuse
Arab Moltaqa Investments
AMIA
-1.37% 2.17 -0.03
Beltone Holding
BTFH
-2.82% 3.45 -0.10

Cairo – Mubasher: Beltone Financial Holding and Arab Moltaqa Investments have denied any exposure to UAE-based Abraaj Group, the companies said in separate bourse statements on Monday.

The Emirati private equity company has been facing allegations of money misuse in its $1 billion healthcare fund. In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.

Several companies, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).

Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.