Arab Bank chief, other investors, swing deal for Oger’s 20% stake
Al Masri and other investors to shell out $1.12 billion for stake
Two major investment institutions, in addition to Arab Bank Group Chairman Sabih Al Masri and other investors, have agreed to buy Oger’s 20 percent stake in Arab Bank, for the sum of $1.12 billion.
This was revealed to Al Arabiya on Wednesday by Ghassan Akil, CEO of Astra Group, a company owned by Sabih Al Masri.
Akil added that the two major investors will own a fifth of the stake, upon finalizing the deal.
He said that the deal will be finalized within 45 days, expecting its completion by mid-January.
The strike price of the deal is at 6.25 Jordanian dinar per share, he added, while the current price per share as of market closing on December 6 stood at 6.09 Jordanian dinar.
The previous offer of Fawaz Al Hokair Group to buy the 20 percent stake for $1.1 billion was dropped, after 45 days of the offer, stated Akil.
This article is available in Arabic at AlArabiya.Net.
-
Police ‘unravel mystery’ behind Cairo murder of top female banker
Nevine Lotfy hailed for her contribution to the Arab and Egyptian banking sector Middle East -
Saudi Oger in talks to sell its 21 percent stake in Arab Bank
Experts raise doubts to what extent the upcoming share sale Jordan-based bank will help solve debt crisis Banking & Finance -
Palestinian boy killed during clash with Israeli troops
A Palestinian boy was killed on Tuesday during a clash with Israeli troops in the occupied West Bank on the outskirts of Arab East Jerusalem Middle East -
UAE c.bank governor sees no pressure on dirham, forwards volatility limited
The governor of the UAE central bank said that he doesn’t believe there is any pressure on the Gulf Arab state’s currency Economy