Sabih Al-Masri, the chairman of Jordan’s Arab Bank Group, has joined Jordanian, Saudi and other Arab investors in a bid to buy Saudi Oger’s 20 percent stake in Arab Bank, he said in a statement to the Amman Stock Exchange.
Al-Masri said Oger had agreed to sell the 20 percent stake and both sides were working on finalizing the purchase.
Saudi Oger owns 19.8 percent of the Arab Bank, while the Social Security Corp. owns 16 percent, Saudi Arabia’s Ministry of Finance owns 4.49 percent, and Abd Al Hameed Shoman Foundation owns 3.67 percent.
Argaam previously reported that Saudi Arabia's Fawaz Alhokair had made a $1.1 billion offer for Oger's stake, only to drop out later.
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