Saudi Oger said near $1.1b deal to sell Arab Bank stake | GulfNews.com

Saudi Oger said near $1.1b deal to sell Arab Bank stake | GulfNews.com:
"Saudi Oger Ltd reached a preliminary agreement to sell its 20 per cent stake in Jordan’s Arab Bank Plc to Fawaz Al Hokair Group for about $1.1 billion, according to people familiar with the matter.
The two family-owned companies plan to make a formal announcement after receiving regulatory approval, the people said, asking not to be identified as the information is private. Saudi banks are providing financing to Alhokair, the people said. No final agreement has been reached, and there’s no guarantee the sale will go through, they said.
Representatives for Saudi Oger, Arab Bank and Alhokair weren’t immediately available to comment."

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