Dubai International Capital sells DaimlerChrysler Shares

Dubai International Capital (DIC), a private equity firm, has cut its holding in automaker DaimlerChrysler to profit from higher share prices. "Dubai International Capital reported that it continues to manage its DaimlerChrysler position and that it has taken advantage of recent strength to reduce its holding," a spokeswoman for the private equity firm said by text message.

The sale took place recently, the spokeswoman said, declining to give details. Shares of Daimler have surged almost 21 per cent since Dubai International Capital chief executive Sameer Al Ansari said on November 11 that he was considering selling some of his roughly 20 million shares in the Stuttgart, Germany-based company.

Dubai International bought the shares in January 2005 at 32 euros each. They were trading at 55.21 euros at 0933 GMT, a rise of 72.5 per cent. -Reuters end post