Mubasher: Arab Bank’s chairman along with a number of investors offered a bid to buy the 20% stake of Saudi Oger in the bank.
Sabih Al Masri, the bank’s chairman, added that the company has agreed on selling the stake and he, with a number of Jordanian, Saudi and Arab investors, will buy, according to a bourse filing on Tuesday.
Oger Middle East Holding has the largest stake in the bank of 19.834%, followed by Social Security Corporation in Jordan which owns about 16%. Sabih owns 1.314% of the bank’s shares before the new purchase.
The bank’s profits grew 0.46% to $617.9 million in the first nine months of 2016, compared to $615.1 million in the same quarter last year.
