Angel network initiative launched. Targets young CEOs from traditional sectors

The Angels Lebanon initiative has been launched by Nicolas Sehnaoui, Chairman of the UK Lebanon Teck Hub (UKLTH), with support from Marwan Kheireddine, Chairman of Al Mawarid Bank. The initiative aims to target young CEOs from traditional sectors like the auto sector, manufacturers, industrialists to invest in the tech sector, especially startups, according to Sehnaoui.

"We could make the CEOs aware of what is happening in the tech sector, raise their appetite in investing in it, and rec...

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BLOM redeems $200 million shares. Bank converts $27 million earnings into equity

BLOM Bank said it has redeemed and canceled 20 million preferred shares by buying them back at their issue price of $10 per share.

This operation has resulted in a decrease of $200 million in the bank's total shareholder's equity, which stood at $2.95 billion at the end of 2016.

BLOM Bank is overcapitalized and has ample liquidity and does not need to keep these shares, said Tala Baba, the bank's Assistant General Manager and Chief Financial Officer.

BLOM's current capital...

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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 Y...

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Solidere to delist its GDRs from London Stock Exchange. Listing costs outweigh low trading volumes

Solidere said it has asked to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) effective June 29, 2017, due to low trading volumes.

Given the GDRs limited liquidity, the costs and administrative burdens are disproportionate to the benefits that could be derived from keeping them listed, the real estate company said in a statement.

The GDRs, which represent Solidere's 'A' shares, were listed on the LSE in 1996.

The 'A' shares will remain lis...

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Emirati Mohamad Alabbar acquires large stake in MEVP. Non-controlling share is less than 50 percent

Emirati Mohamad Alabbar, founder of Emaar Properties, has acquired a stake in Middle East Venture Partners (MEVP). Alabbar's acquisition is just under 50 percent.

"Alabbar had been looking for a VC partner who knows the technology ecosystem and approached us," the company said.

The VC firm has $120 million in assets spread over four funds, two locally, and two regionally.

MEVP and AlAbbar plan to invest in a new fund that will be launched here and regionally later this ye...

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