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Chairman leads deal to buy stake in Arab Bank for $1.12 bln
February 8, 2017 / 11:49 AM / 10 months ago

Chairman leads deal to buy stake in Arab Bank for $1.12 bln

AMMAN, Feb 8 (Reuters) - A consortium of Arab and Jordanian investors led by Arab Bank Chairman Sabih al Masri has bought Oger’s 20 percent stake in Jordan’s Arab Bank Group for $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.

Masri led negotiations to buy stake after the family of Saudi Arabia’s Fawaz Alhokair dropped a $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. (Reporting by Suleiman Al-Khalidi; editing by Jason Neely)

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