PIF, Capital Bank Group sign subscription agreement for $185mln
05-06-2022 11:35 AM
Ammon News - The Public Investment Fund (“PIF” or the “Fund”) and Capital Bank Group (the “Group”), one of the largest banking groups in Jordan, Iraq and the MENA region, announced today the signing of a subscription agreement, through which PIF becomes a strategic investor in the Group. Upon the successful completion of the deal, PIF will have a 23.97% interest in the Group’s capital, at a value of approximately USD185 million, and represented by the issuance of 63 million in new shares. The completion of the deal is subject to completing the conditions in the relevant agreements and obtaining the required approvals from regulators and the relevant government authorities.
The deal aims to increase the Group’s capital, thereby raising its total shareholders’ equity to around USD846 million, and bolstering the Group's ability to execute its strategy, and expand its business through introducing new services and products in Jordan, Saudi Arabia, Iraq, and other markets where it operates, including through the Group’s investment arm; Capital Investments. In addition, the deal will strengthen the Group’s digital transformation plans by offering the most up-to-date electronic services, including the launch of digital banks.
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