Dubai-based private equity company, Alcazar Capital has incurred losses after selling its 11 percent stake in troubled Telekom Kenya to France Telecom.

Alcazar sold its stake far less than its asking price of $57 million, according to France Telecom Senior Vice President Gerald Ries.

“We paid them very little figure. It was not something good to them… I can’t disclose the figure but it was very small,” Ries said.

Alcazar, which earlier reported that Telekom Kenya’s revenue dropped to Sh9.7 billion ($61 million) last year from Sh10.7 billion ($67.5 million) in 2009, said it opted to exit the firm due to the poor performance and the need to cut losses.

Alcazar said it attempted to make the Kenyan company profitable and deemed it one of its worst investments after the efforts proved futile.