Saad Group reduces stake in Samba bank

17 September 2009

Saudi company held 7.8 per cent share of local institution

Saad Group chairman Maan al-Sanea has reduced his stake in Saudi Arabia’s Samba by at least 2.8 percentage points, according to a filing on the Saudi Stock Exchange (Tadawul).

Al-Sanea has dropped out of a list of shareholders with at least 5 per cent of the bank. He previously held a 7.8 per cent stake in the bank.

Saad Group is currently embroiled in several lawsuits relating to defaults on debts expected to total more than $20bn. The debts relate to Saad Group, its subsidiaries and another Saudi family group, Ahmad Hamad al-Gosaibi & Brothers.

Al-Sanea has also sold the stakes he owned in UK-based house builder Berkleley Group and in investment fund 3i Infrastructure following the problems at Saad Group.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications