Saad Group owner cuts stake in Samba-Saudi bourse

Maan al-Sanea, the owner of Saudi-based private conglomerate Saad Group, reduced his stake in Samba Financial Group 1090.SE by at least 2.8 percentage points on Wednesday, stock exchange data showed.

Before Wednesday's close Tadawul data showed that Sanea held a 7.8 percent stake in Samba, which is the country`s second biggest lender by market value. After Wednesday's close Sanea's name did not appear on the list of Samba shareholders holding stakes of 5 percent or more.

The reduction of Sanea's stake in Samba follows a report on Wednesday by Dubai-based al-Arabiya television channel which quoted unidentified sources as saying that he had reached a settlement over debt owed to Saudi lenders. [ID:nLG193930]