RIYADH: An investor in Abu Dhabi Commercial Bank (ADCB) has sold its entire stake in the lender for about 1.1 billion dirhams ($300 million), Bloomberg reported.
The offering consists of 164 million shares in Abu Dhabi’s second-biggest bank, and the interest exceeds the size of the deal, according to terms. The seller wasn’t identified in the term sheet.
The deal represents 2.4 percent of the bank’s market value, according to Asharq.
The Abu Dhabi Investment Council is the largest shareholder in ADCB with a 60.2 percent stake.