Thursday 6 September 2012

PE firm buys 6.6 pct of Jordan Dubai Islamic Bank | Reuters

Jordan-based private equity firm Foursan Group has acquired a 6.6 percent stake in Jordan Dubai Islamic Bank, making it the bank's second largest stakeholder, Foursan said on Thursday.

The firm declined to disclose the monetary value of the deal. It is not yet considering seeking a seat on the bank's board because the term of the current board has yet to expire, Foursan's vice-president Jameel Anz told Reuters.

Foursan's investment was made through the firm's $100 million fund Foursan Capital Partners I, which closed in 2009. The fund's investors included Jordan's Social Security Corp and the International Finance Corp, an arm of the World Bank.

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