The Saudi Oger company has acquired 11 percent of Arab Bank’s shares for approximately $375 million. The company plans to retain most of the acquired stock and sell the rest to social security funds in the Kingdom and Jordan, reported AFP .
Saudi Oger, a construction company owned by Lebanese Prime Minister Rafiq Hariri, was founded in 1978 with its headquarters in Riyadh. Since its inception, the company has grown into a multi-divisional organization with subsidiaries and affiliates in the Kingdom of Saudi Arabia and overseas.
The Arab Bank Group is headquartered in Amman, Jordan. With total assets of $22.8 billion in 2002, the bank has presence in every Arab country and a global network of more than 400 branches and offices on five continents. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
