Dubai – Mubasher: The Commercial Bank of Dubai (CBD) on Tuesday confirmed it has provided Abraaj Holdings with a credit facility secured by a number of assets, including a legal charge over shares that controlled Spinneys Egypt.

Receivers were appointed to the Cayman Islands entity as an attempt to maintain the bank’s security, CBD added in a statement to the Dubai Financial Market (DFM).

“The receiver has now effected the sale of Spinneys Egypt to a fund controlled by Investec Plc with proceeds routed to CBD in partial settlement of our indebtedness,” the bank noted.

Moreover, CBD denied having ownership of Spinneys Egypt in response to what was recently mentioned by the media.

Last Sunday, Investec Asset Management (IAM) revealed it had acquired Spinneys Egypt from Dubai-based private equity firm Abraaj Group, claiming that the ownership of grocery retailer has been transferred to the CBD as part of a settlement deal with Abraaj.