Lebanese billionaire Ayman Hariri has sold his 42.24% stake in GroupMed Holding to OLT Holding for $535 million dollars, valuing the company at $1.27 billion.
The Hariri family will remain the largest shareholders, with the Prime Minister of Lebanon, Saad Hariri, and his mother, Nazek Rafic Al Hariri, owning 42.24% and 15.51% respectively.
Mohamed Hariri continues to be the chairman of the company. Earlier this year the Hariri family sold their stake in Arab bank for a reported $1.1 billion.
OLT Holding is owned by Ala Al Khawaja, a prominent Jordanian investor who made much of his fortune by heavily investing in Egypt’s privatization programs between 1996 and 2003 in sectors such as banking, hospitality, pharmaceuticals and telecommunication.
He has previously invested in Global Telecom Holding, Orascom Telecom Media and Technology Holding, and he retains a majority ownership stake in Al Arabia Cinema, a film media distribution and production company, based in Egypt.
His latest acquisition, GroupMed Holding s.a.l, is the sole shareholder of Bankmed, one of Lebanon’s biggest banks with assets of around $16 billion and subsidiaries across Lebanon, Turkey, Saudi Arabia and Switzerland.
Khawaja believes this new investment is a vote of confidence, not only in Bankmed, but in the Lebanese banking sector and the economy.
“The acquisition will pave the way for increasing and diversifying the ownership structure of GroupMed Holding s.a.l, which could result in an IPO in the near future,” he said.