Fransabank ups stake in BLC
to 82 percent

Sehnaoui and other investors exit BLC Bank

Fransabank has increased its ownership in BLC Bank to 81.87 percent by acquiring a combined stake of 13.3 percent from a group of shareholders, according to a statement from BLC Bank.

The sellers are banker Maurice Sehnaoui and his company, Holding M. Sehnaoui, as well as Walid Ziade, Youmna Ziade, and Silver Capital Holding (Ziade family).

Part of the stake, amounting to 8.83 percent, was acquired for a total of $45.8 million. It consisted of 18.86 million listed common shares bought at the price of $2.43 each. The other 4.47 percent consisted of 9.55 million non-listed common shares bought outside the stock exchange.

The remaining ten percent stake owned by Holding M. Sehnaoui was bought back by BLC Bank for $50.6 million. The stake consisted of 21.36 million listed common shares acquired for $2.37 each.