Riyadh – Muasher: Saudi Oger Ltd. reached an initial agreement to sell a 20% stake in Jordan’s Arab Bank for $1.1 billion to Fawaz Al Hokair Group, to cover some of its debts.
The agreement is not final and there are no guarantees for the sale negotiations to continue, but a formal announcement will be made after obtaining the regulatory approvals, sources told Bloomberg.
The news agency reported that Saudi Oger started the talks to sell a stake in Dubai-based telecommunications provider after missing a payment on a $4.75 billion loan.
