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Lebanon: GroupMed announces OLT as new major shareholder

Published: Updated:

GroupMed Holding s.a.l., the owner of Bankmed s.a.l. is pleased to announce a new shareholder, OLT Holding s.a.l.

Following the approval of the Central Bank of Lebanon, OLT Holding owned by Ala Al Khawaja has successfully acquired from Ayman Hariri a 42.24 percent ownership stake of the share capital of GroupMed Holding.

The acquisition price corresponds to a total valuation of GroupMed Holding at $1,267,000,000 (one billion two hundred sixty-seven million dollars).

Post-acquisition, the majority of the share capital of GroupMed Holding s.a.l. is distributed as follows: Nazek Rafic Al Hariri 15.51 percent; Saadadeen Al Hariri 42.24 percent; and OLT Holding 42.24 percent.

Al Khawaja is a prominent businessman, investor and board member of various international companies, has more than 25 years of experience working and investing in the sectors of banking and finance, real estate, hospitality, telecommunications and across other industries in the region and abroad.

Display of confidence

Commenting on the transaction, he said: “The investment by OLT Holding is regarded not only as an unwavering display of confidence in the privately-owned Bankmed s.a.l. but also as faith in the Lebanese banking sector, economy and permanent stability”.

Al Khawaja also added “the acquisition will pave the way for increasing and diversifying the ownership structure of GroupMed Holding which could result in an Initial Public Offering in the near future”.

In his turn, Mohammed Hariri, the Chairman of GroupMed Holding, expressed that: “The acquisition is evidence of additional support to Bankmed’s long- term strategy of promoting growth, performance and expanding its financial activities and ensuring the continuity of upholding Bankmed values of protecting and serving its stakeholders”.