Daniel Stewart offloads stake to Middle East investor Prime Group

STOCKBROKER Daniel Stewart has agreed a deal to sell a 26 per cent stake in the business to Middle Eastern investment bank Prime Group, raising &pound;2.3m and allowing the group access to the Gulf and North African markets.<br /><br />Daniel Stewart said it had conditionally placed 110m new ordinary shares at 2.1p per share with Prime Group, which is headquartered in Cairo, Egypt.<br /><br />Chief executive Peter Shea said the deal would allow the firm access to significant pools of capital in the Middle East and North Africa (MENA) region.<br /><br />As part of the agreement, Daniel Stewart will also appoint new directors from Prime Group to the board.