UAE Exchange among bidders for Dunia

DUBAI: UAE Exchange, a global remittance and foreign exchange business headquartered in Abu Dhabi, is among bidders for consumer finance company Dunia, sources familiar with the matter said.
Dubai shopping mall developer Majid Al-Futtaim was among other parties to have lodged initial bids for Dunia, which had been due to be submitted two weeks ago, while there could also be interest from local banks, according to one of the sources, a United Arab Emirates-based banker.
Bloomberg reported last month that private equity group KKR was considering a bid, but a source familiar with the matter said that no bid had been lodged. KKR has been seeking investments in the Middle East and is close to securing its first in the region, a deal to buy a stake in retailer Azadea, sources told Reuters in June.
Shareholders of Dunia are said to be targeting three times book value, which would give the company a price of more than 2.5 billion dirhams ($680 million), said the UAE-based banker.
Current Dunia shareholders include Fullerton Financial Holdings — a wholly-owned subsidiary of Singapore sovereign investor Temasek Holdings — as well as Abu Dhabi state investment firm Mubadala and private equity house Waha Capital.
Dunia and the three existing shareholders declined to comment, as did KKR and Morgan Stanley , which is advising Dunia. UAE Exchange and Majid Al Futtaim both said they do not comment on market speculation.