Saudi businessman Khaled Bin Mahfouz has decided to sell his remaining 20 million shares in the National Commercial Bank (NCB). Mahfouz’s stake constitutes a third of the bank’s total 60 million shares, reported Asharq Al-Awsat .
The businessman previously sold 60 percent of his share in the bank and plans to sell his remaining shares in order to focus on his investments in real estate and industry. Negotiations for the sale are in their final stages with an announcement set to be released this week.
NCB became a joint stock company in 1997. In 1999, the Public Investment Fund (PIF), an arm of the Saudi government, acquired a 50 percent shareholding in the bank. Subsequently, PIF sold 10 percent of the shares to the General Organization for Social Insurance (GOSI). — (menareport.com)
© 2002 Mena Report (www.menareport.com)
