$3.2 million for UK-Lebanon Tech Hub. Fund provided by BDL

Nicolas Sehnaoui, Chairman of the UKLTH, announced a fund of $3.5 million as an investment for the UK-Lebanon Tech Hub (UKLTH). The fund is being provided by the Central Bank (BDL). The amount matches the $2.5 million investment provided by the British Embassy in February this year.

According to Dimitri Papadimitriou, Acting Director of UKLTH, the money will go toward the efforts of the UKLTH to foster the entrepreneurial ecosystem and improve the knowledge economy.

"Ultimately,...

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GroupMed mulls selling shares in IPO. Khawaja completes acquisition of 42.2 percent stake

GroupMed Holding, the owner of Bankmed, is considering launching an Initial Public Offering (IPO) of its shares in the near future, said Alaa Al Khawaja, a new shareholder in the company.

Khawaja said that his acquisition of 42.24 percent stake in GroupMed "will pave the way for increasing and diversifying the ownership structure of GroupMed which could result in an IPO in the near future."

After obtaining the Central Bank's approval, Khawaja completed the acquisition of the stake,...

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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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