US branded goods giant Sara Lee Corp is to sell off its 23 per cent stake in Israeli garment producer Delta Galil Industries Ltd to GMM Capital LLC for $27.7 million.

The transaction is due to be closed by 30 August, according to a statement released by Delta.

Sara Lee's sale of  its stake in Delta comes as its reorganises its company to focus on its non-clothing units.

Delta and its subsidiaries engage in the manufacture and marketing of ladies' and men's apparel, fabrics and trimmings.

Investment fund GMM Capital is controlled by Isaac Dabah.