12th June 2017, Beirut, Lebanon: GroupMed Holding s.a.l., the owner of Bankmed s.a.l. is pleased to announce a new shareholder, OLT Holding s.a.l.
Following the approval of the Central Bank of Lebanon, OLT Holding s.a.l. owned by Mr. Ala Al Khawaja has successfully acquired from Mr. Ayman Hariri a 42.24% ownership stake of the share capital of GroupMed Holding s.a.l. The acquisition price corresponds to a total valuation of GroupMed Holding s.a.l at US$ 1,267,000,000 (one billion two hundred sixty-seven million US Dollars).
Post-acquisition, the majority of the share capital of GroupMed Holding s.a.l. is distributed as follows:
- Nazek Rafic Al Hariri 15.51%
- E. Mr. Saadadeen Al Hariri 42.24%
- OLT Holding s.a.l. 42.24%
Mr. Al Khawaja is a prominent businessman, investor and board member of various international companies. Mr. Al Khawaja has more than 25 years of experience working and investing in the sectors of banking and finance, real estate, hospitality, telecommunications and across other industries in the region and abroad.
Commenting on the transaction, Mr. Al Khawaja said: “The investment by OLT Holding s.a.l. is regarded not only as an unwavering display of confidence in the privately-owned Bankmed s.a.l. but also as faith in the Lebanese banking sector, economy and permanent stability”. Mr. Al Khawaja also added “the acquisition will pave the way for increasing and diversifying the ownership structure of GroupMed Holding s.a.l which could result in an Initial Public Offering in the near future”.
In his turn, Mr. Mohammed Hariri, the Chairman of GroupMed Holding s.a.l, expressed that: “The acquisition is evidence of additional support to Bankmed s.a.l.’s long term strategy of promoting growth, performance and expanding its financial activities and ensuring the continuity of upholding Bankmed s.a.l values of protecting and serving its stakeholders”.
About Mr. Ala Al Khawaja
Mr. Al Khawaja’s 25 years of experience serving in senior management roles and as a financial and strategic investor cover a diverse range of businesses across Europe, the United States and the MENA region.
In the field of banking & finance, Mr. Al Khawaja’s track record includes many successful transactions involving stakes in financial institutions such as Societe Generale (Egypt), Bank Audi (Lebanon), EFG Hermes Holding (Egypt) and Egyptian American Bank (Egypt). Other financial investments also include ownership in an UAE institution that provides financial advisory and research services, in addition to investments in European and US equity markets.
Mr. Al Khawaja’s investments expanded into telecommunications to include investments in Global Telecom Holding (Egypt) and in Orascom Telecom Media and Technology Holding (Egypt), a company, publicly listed on the Cairo Stock Exchange, which invests in entities operating in the GSM, media, technology, and cable businesses in Egypt, Lebanon, Pakistan, and other North African and Middle-Eastern countries.
Serving as Chairman and C.E.O. of InterContinental Hotels Co. which owns the Mövenpick Hotel in Egypt and additional properties on the Red Sea’s Egyptian coast, Mr. Al Khawaja’s hospitality investments and transactions also included the Four Seasons Hotel in Amman, Jordan.
Mr. Al Khawaja also heavily invested in most of Egypt’s privatization programs between 1996 through 2003 in transactions related to banking, heavy industries, hospitality, pharmaceuticals, telecommunication and other market sectors.
As part of his diverse investment portfolio, Mr. Al Khawaja retains a majority ownership stake in Al Arabia Cinema, a film media distribution and production company, which is based in Egypt and operates over 100 movie theaters. Mr. Al Khawaja additionally holds commercial and residential real estate properties across Egypt, Jordan, Lebanon, the UK and France.