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Sunday, 16 October 2016

Exclusive: Saudi Oger seeking buyers for $1 billion Arab Bank stake - sources | Reuters

Exclusive: Saudi Oger seeking buyers for $1 billion Arab Bank stake - sources | Reuters:

"Saudi Oger has begun talks with potential buyers for its 20.93 percent stake in Arab Bank ARBK.AM in a deal that could raise about $1 billion for the embattled construction giant, sources aware of the matter told Reuters.

Oger was one of two large Saudi contractors charged with implementing the kingdom's grand infrastructure plans before the fall in oil prices and consequent state spending cuts left the company facing a multibillion-dollar debt restructuring to stave off collapse.

A small number of potential buyers from Saudi Arabia and the wider Middle East have started negotiations, five sources said on condition of anonymity because the information had not been made public."



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