Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Chairman- Sabih Al-Masri- leads deal to buy stake in Jordan's Arab Bank for $1.12 bln

2017-02-12

AMMAN, Feb 8 (Reuters) - A consortium of Arab and Jordanian investors led by Arab Bank Chairman Sabih al Masri has bought Oger's 20 percent stake in Jordan's Arab Bank Group for $1.12 billion, the bank said on Wednesday. It said the deal to buy the stake from Lebanon's Hariri family which owns Oger was concluded by the consortium that includes 40 investors, a majority of them Jordanian.  Masri led negotiations to buy stake after the family of Saudi Arabia's Fawaz Alhokair dropped a $1.1 billion offer.  The stake is held by Oger Middle East Holding, which is owned by the family of Lebanese Prime Minister-designate Saad al-Hariri Arab Bank is one of the Arab world's largest privately owned banks and operates in 30 countries. It owns 40 percent of Saudi Arabia's Arab National Bank ANB .Construction giant Saudi Oger, the central plank of the Hariri business empire, began over a year ago to seek buyers to help ease cash flow problems brought on by difficulties in the Saudi building sector. As a result, it has been seeking to shed assets to try to meet its debt, which includes around 15 billion riyals to banks, plus billions more to contractors, suppliers and employees, sources told Reuters in September.  The Arab Bank stake sale was expected to help it repay a $1.03 billion loan from regional and international banks due to mature this month. 


 

2021-10-24
ARAB posts net income of JD0.02 million in 9M 2021

2021-10-21
Al-Quds Index in a narrow range amid an increase in 9M financial data disclosures anticipation

2021-10-17
PHARMACARE recommends distributing 10% cash dividends for the year 2020

2021-10-14
A transaction on the stocks of TRSUT raises the trading value in the PEX

2021-10-07
Al-Quds Index rebounds upwards in the first week of October

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013