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Chairman leads deal to buy stake in Arab Bank for US$1.12b
[AMMAN] A consortium of Arab and Jordanian investors led by Arab Bank Chairman Sabih al Masri has bought Oger's 20 per cent stake in Jordan's Arab Bank Group for US$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.
Mr Masri led negotiations to buy stake after the family of Saudi Arabia's Fawaz Alhokair dropped a US$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.