Middle East > Lebanon > Lebanese central bank building in Beirut.

Lebanon: Lebanese central bank building in Beirut.

2017/06/15

GroupMed Holding s.a.l., the owner of Bankmed s.a.l. is pleased to announce a new shareholder, OLT Holding s.a.l.

Following the approval of the Central Bank of Lebanon, OLT Holding owned by Ala Al Khawaja has successfully acquired from Ayman Hariri a 42.24 % ownership stake of the share capital of GroupMed Holding.

The acquisition price corresponds to a total valuation of GroupMed Holding at $1,267,000,000 (one billion two hundred sixty-seven million dollars).

Post-acquisition, the majority of the share capital of GroupMed Holding s.a.l. is distributed as follows: Nazek Rafic Al Hariri 15.51 %; Saadadeen Al Hariri 42.24 %; and OLT Holding 42.24 %.

Al Khawaja is a prominent businessman, investor and board member of various international companies, has additional than 25 years of experience working and investing in the sectors of banking and finance, real estate, hospitality, telecommunications and across other industries in the region and abroad.
Display of confidence

Commenting on the transaction, he said: “The investment by OLT Holding is regarded not only as an unwavering display of confidence in the privately-owned Bankmed s.a.l. but as well as faith in the Lebanese banking sector, economy and permanent stability”.

Al Khawaja as well added “the acquisition will pave the way for increasing and diversifying the ownership structure of GroupMed Holding which could result in an Initial Public Offering in the near next”.

In his turn, Mohammed Hariri, the Chairman of GroupMed Holding, expressed that: “The acquisition is evidence of additional support to Bankmed’s long- term strategy of promoting increase, performance and expanding its financial activities and ensuring the continuity of upholding Bankmed values of protecting and serving its stakeholders”.

unicef HK
Related Articles

  • Lebanese ministry bans Wonder Woman film because of Israeli actress

    2017/06/02 Lebanon's interior ministry banned the new Wonder Woman film from cinemas on Wednesday because an Israeli actress plays the lead role, a ministry source and a security official said. Lebanon considers Israel an enemy country and the Ministry of Economy and Trade oversees a boycott of any business transaction concerning Israel.

  • Policy Differences Emerge Among Gulf States Days After Wooing President Trump

    2017/05/29 Cracks have appeared in a Saudi-led, US-backed anti-terrorist political and military alliance days next US President Donald J. Trump ended a historic visit to Saudi Arabia. The cracks stem from Qatar’s long-standing fundamental policy differences with Saudi Arabia and the United Arab Emirates about Iran and the role of political Islam. The cracks emerged as the result of an anti-Qatar media and cyber campaign involving a spate of anti-Qatar articles in US and Gulf media; the blocking of Qatar-backed media websites and broadcasts in Saudi Arabia, the United Arab Emirates and Egypt; statements by prominent former US government officials; and a recent seminar by the Washington-based Foundation for the Defense of Democracies that has long asserted that Qatar supports militant groups.

  • Hezbollah Associate Pleads Guilty To Money Laundering In US

    2017/05/29 A Lebanese man, accused of trying to use his ties to Hezbollah as part of a scheme to launder drug money, pleaded guilty on Friday in a Brooklyn, New York, federal court to a US money laundering and conspiracy charge. US prosecutors said Joseph Asmar, 43, of Beirut, entered his plea at a hearing before US District Judge Eric Vitaliano. Asmar was arrested in Paris in October 2015, and was extradited to the US 14 months later. He as well faced a money laundering charge. Aaron Altman, a lawyer for Asmar, said in an e-mail: “Joseph Asmar has taken responsibility for his actions and is anxious to move forward with his life. Additional than anything, he misses his family and prays that they will be reunited in the near next.”

  • Lebanon’s Economic Dependence on the Gulf

    2017/05/28 Policies in place in Lebanon have pushed the national economy to specialize additional and additional in serving a rentier regional economy, and made it fundamentally dependent on remittances and cash inflows from abroad to bridge the gap between local GDP and consumption. In this context, there have been a lot of myths about the “magnanimity” of oil-rich Gulf states and their support for the Lebanese economy. However, it is sufficient to examine the sources of these claims to find out that while the Gulf is indeed an significant source of inflows and remittances to Lebanon, the magnitude of the phenomenon is much smaller than the media’s political exaggerations would have it.

  • Higher earning Why a university degree is worth more in some countries than others

    2016/12/11 A university education may expand your mind. It will as well fatten your wallet. Data from the OECD, a club of rich nations, show that graduates can expect far better lifetime earnings than those without a degree. The size of this premium varies. It is greatest in Ireland, which has a high GDP per chief and rising inequality. Since 2000 the unemployment rate for under-35s has swelled to 8% for those with degrees – but to additional than 20% for those without, and nearly 40% for secondary school drop-outs. The country’s wealth presently goes disproportionately to workers with letters next their names.
Lebanon News
More >
UCLGA en
Trending Articles
http://www.rakftz.com/en
Deutsche Bank AG, Frankfurt am Main
Codelco