A brother of Lebanon's prime minister has sold his stake in local lender BankMed SAL to a Middle Eastern businessman, the bank said June 12.
Ayman Hariri, a brother of Prime Minister Saad Hariri and a son of assassinated ex-Prime Minister Rafic Hariri, sold the 42.24% stake in BankMed parent GroupMed (Holding) SAL for a price equating to a total valuation of $1.27 billion. The stake was acquired by OLT Holding SAL, a company owned by Ala Al Khawaja.
Al Khawaja's investment history also includes stakes in Egypt's Global Telecom Holding and Orascom Telecom Media and Technology Holding. He also owns a majority share of Al Arabia Cinema, a company based in Egypt that operates more than 100 movie theaters.
Saad Hariri continues to own a 42.24% stake in GroupMed, while Rafic Hariri's widow, Nazek, owns the remaining 15.51%. Mohammed Hariri, a cousin of Rafic Hariri, chairs BankMed.
Al Khawaha said the stake acquisition "will pave the way for increasing and diversifying the ownership structure of GroupMed Holding SAL, which could result in an initial public offering in the near future."