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"Global" sells its share in AlQuds Bank for Development & Investment to a group of bank's establishers and big shareholders.

2008-03-26

Mr. Akram Abdel-Latif the chief board of directors for AL-Quds bank stated that it had been agreed between a group of the bank"s establishers and big shareholders as one party and Global Investment House as the other party, to buy the second party"s share (Global) that is amounted 20 million shares which constitute %40 from the bank"s capital $50 million. Mr. Abdel-Latif added in a press release yesterday, that the deal valued approximately $26 million (as $1.30 per share), this deal is considered the biggest since the establishment of the PSE, and the deal will be executed today.  Also, the deal will be distributed upon 18 from the bank"s establishers an big shareholders and new investors such as : Abdulrahim Jaradneh company, Abu Jaber Group, Michel Alsayeg, in addition to Mr.Abdellatif himself.