Prominent Jordanian businessmen and Chairman of the Arab Bank, Sabih al-Masri, announced on Tuesday that he and a group of Jordanian and Arab investors are buying Saudi Oger's 20-per cent stake in the Arab Bank.
In a statement published by the Amman Stock Exchange, Al-Masri said Saudi Oger agreed to sell its stake in the bank, one of the largest privately owned banks in the Arab world. Al-Masri, who already owns 1.314 per cent of the bank's shares, added that the purchase is currently being finalized.
The deal is expected to be concluded by January 15 and is reportedly worth $1.1B, Reuters reported.
Editor’s note: This article has been edited from the source material
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