MEXICO CITY - Billionaire businessman Carlos Slim's private equity fund has sold its stake in Mexican pharmaceutical company Landsteiner Scientific to a fund related to that company.
Landsteiner said in a statement on Monday the stake was sold on Friday to an investment fund called Imagina tu Crecimiento, which is part of the group that controls Landsteiner Scientific.
The filing Landsteiner made to Mexico's stock exchange did not disclose the value of the stake.
Slim's fund, known as Sinca Inbursa, held its 27.51 per cent stake in Landsteiner at a book value of 286 million pesos (S$27.75 million), according to the 2012 annual report of Slim's financial company, Grupo Financiero Inbursa.
A spokesman for Slim said Sinca Inbursa received an offer for the stake and decided to sell it. He gave no further details.
Sinca Inbursa acquired the stake in Landsteiner, which focuses on developing highly specialised medicines and treating diseases such as osteoporosis and diabetes, in June 2008.
Officials at Landsteiner and Imagina tu Crecimiento did not respond to requests for comment.
Most of Sinca Inbursa's investments are in transportation and infrastructure companies and the Landsteiner stake represented 6.6 per cent of Sinca's investment portfolio. The fund had total capital of 5.152 billion pesos at the end of 2012.