Sep 03 2012 |
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Qatari, Kuwaiti banks in fray for 15% stake in Jordanian lender
By Jafar Al Oqaily Jordan's Social Security Corporation, which administers the pensions and social security insurance plans for the country's public and private sectors, is close to a decision on whether to sell its 15.38% stake in the Jordanian Housing Bank for Trade and Finance, worth JOD 320 million, or USD 452 million, at the current market value, a senior official told Zawya.Qatari and Kuwaiti investment banks are in the fray to acquire the stake, the official said. "SSC is checking the bids received from the Qatari and Kuwaiti banks, and will decide the outcome at a board meeting on September 18," the official, who is a senior manager at SSC, said on condition of anonymity. "Qatar had offered many times in the past to buy the stake, but the former head of SSC rejected all bids."
Housing Bank has a market capitalization of approximately JOD 2 billion at its current share price of JOD 8.25 on the Amman stock exchange. This values SSC's stake at about JOD 320 million, or USD 450 million. Only 8.23% of the bank's stock is publicly traded. Other major shareholders include Qatar National Bank with 34.48%, Kuwait Real Estate Investment Consortium with 18.61% and Libya Foreign Bank with 16.06%, according to Zawya data.
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