Saudi Oger sells 2.8 percent stake in Saudi Investment Bank to cover debts
Saudi Oger has attracted significant media attention lately as tens of thousands of foreign workers were left destitute and stranded, unpaid for months before being laid off. (AFP)
The data of the Saudi Stock Exchange (Tadawul) showed a decline in Saudi Oger Company’s stake in the Saudi Investment Bank earlier this week by 2.81 percent, from 8.58 percent last week to 5.77 percent on 16 April.
Media sources said in November that Saudi Oger has reached an initial agreement to sell a 20 percent stake in Jordan’s Arab Bank for $1.1 billion to Fawaz Al Hokair Group, to cover some of its debts.
It was also reported that Saudi Oger started talks to sell a stake in a Dubai-based telecommunications provider after missing a payment on a $4.75 billion loan.
Saudi Oger is a private company, wholly owned by the Rafik Hariri family.
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