Arab Bank chief, other investors, swing deal for Oger’s 20% stake

The opening of the Annual Arab Banking Conference in Beirut, Lebanon November 24, 2016. (Reuters)

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.

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Last Update: Wednesday, 07 December 2016 KSA 18:59 - GMT 15:59
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