AMMAN —
Saudi Arabia’s Public Investment Fund (PIF) and Jordan’s Capital Bank Group
announced on Sunday that they had signed a subscription agreement under which
the PIF will become a strategic investor in the Group, the Jordan News Agency,
Petra, reported.
اضافة اعلان
Upon the successful
completion of the deal, PIF will have a 23.97 percent stake in the Group’s
capital via 63 million new shares valued at approximately $185 million.
The deal’s completion is still contingent on meeting
the terms of the relevant agreements and gaining the necessary approvals from
regulators and government agencies.
The transaction
aims to increase the Group’s capital, bringing total shareholder equity to
roughly $846 million, allowing the company to deliver on its strategy and
expand its business in Jordan, Saudi Arabia, Iraq, and beyond. In addition, the
transaction would improve the Group’s digital transformation goals by providing
cutting-edge electronic services, such as the introduction of digital banks.
This deal is in
line with PIF’s strategy, which includes exploring new investment opportunities
in the MENA region that support the creation of long-term strategic economic
partnerships to achieve sustainable returns that contribute to maximizing the
fund’s assets and diversifying Saudi Arabia’s economy in line with Vision 2030.
The investment is
intended to contribute to Capital Bank Group’s goal of favorably benefiting the
Jordanian economy, as well as to highlight the bank’s growth prospects,
particularly considering the Group’s strong equity position.
Following the acquisition of the assets and branches of Bank
Audi in Jordan and Iraq, as well as Societe Generale-Jordan in less than a
year, the Group now has a solid financial and credit position.
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