Shaker Holdings exits
BLOM Bank for $69.8 million

Main stake bought by other shareholders

Shaker Holdings has sold the remainder of its stake in BLOM Bank consisting of 6.5 million common shares to Banorabe S.A. and BLOM Bank itself for a total of $69.8 million. Each share was sold for $10.7, BLOM Bank said in a statement.

Luxembourg-based holding company Banorabe, part of the Blom Group family, has acquired five million shares for a total of $53.5 million, thus raising its stake in the bank to 17.5 percent from 15.2 percent.

With a stake of 34.4 percent, Bank of New York is the major shareholder in BLOM Bank whose total equity stood at $2.94 billion at the end of 2016. Other major shareholders include members of the Azhari family (7.5 percent), Jaroudi family (2.7 percent), Saade family (2.5 percent), and Khoury family (1.9 percent).

These families also own additional stocks through Banorabe, whose major shareholders are the same as those of BLOM Bank, excluding Bank of New York.

BLOM Bank also said it bought back from Shaker Holdings the remaining 1.5 million common shares for a total of $16.3 million.

Last year, the bank bought five million shares from Shaker Holdings at $9.9 each or a total of $49.7 million. BLOM said at that time that it bought the shares for its stock after getting the approval of the Central Bank.

A source at BLOM Bank said that the bought-back shares could be later sold on the market.

The shareholders in Shaker Holdings belong to the Shaker family, who include Amr, Ahmad, Shirine, Tala, and Ghassan.