Hariri sells Arab Bank stake to Masri, others

AMMAN — Oger Middle East Holding agreed to sell its

20 per cent stake in Arab Bank to a group of Saudi, Jordanian and Arab investors including the bank’s chairman himself, Sabih Masri, according to a disclosure on the Amman Stock Exchange’s website.

In the statement, Masri said work was under way to complete all necessary procedures to finalise the deal.

Saudi Oger is owned by the family of Lebanese Prime Minister-designate Saad Al Hariri.

Arab Bank's shares closed at JD6.09 on Wednesday with a 0.97 per cent drop.

In the third quarter this year, Arab Bank Group reported a net profit of $617.9 million, compared to $615.1 million in the first nine months of last year. The bank maintains a capital base with shareholders equity standing at $8.3 billion.