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.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
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.