LONDON, 27 September — The family of Saudi businessman Khaled Bin Mahfouz is planning to sell its remaining 40 percent stakes in National Commercial Bank, a high-level source told Asharq Al-Awsat, a sister publication of Arab News.
The source said negotiations for the deal were in the final stages, adding that an announcement on the sale would be made within days. The family had sold 60 percent of its share in the bank in a previous deal.
Informed sources told the Arabic daily that the family decided to sell the remaining NCB shares to focus on their investments in other sectors including industry and real estate. Negotiations to sell the remaining shares were under way for the last 18 months.
The family now owns more than 20 million shares from a total of 60 million.
The bank has been announcing its profits until the middle of this year without publishing its financial statement — which usually discloses the shares of partners — after the Public Investment Fund purchased the largest share.
NCB’s first half profit this year rose by 49 percent to SR1.4 billion, compared to SR944 million during the same period last year.
The family’s shares in the bank are distributed as follows: Abdul Rahman (4.26 million), Sultan (3.6 million), Iman (1.8 million), Naela Kaaki (12 million).
These shares were disclosed officially just before the announcement of the deal in 1998 when the Public Investment Fund and General Organization for Social Insurance purchased 60 percent of NCB shares.
Established in 1953, NCB, which has a capital of SR6 billion, is considered one of the largest commercial banks in the Middle East.
In 1996, it was announced that Khaled Bin Mahfouz held 75 percent of NCB shares while his wife Naela Kaaki owned the remaining 25 percent.
Before this deal, the bank was owned by partners Saleh Mousa Kaaki, Abdullah Mousa Kaaki, Abdul Aziz Mohammed Kaaki and Salim Ahmad Bin Mahfouz, father of Khaled.
In 1998, the bank was changed to a joint-stock company with 20 shareholders. The shares were then distributed as follows: Khaled Bin Mahfouz 36 million shares, Naela Kaaki 12 million, Ismail Abu Dawood 20,000, Ali Al-Juffali 20,000, Abdullah Al-Ghaleeqa 20,000, Abdul Rahman Bin Mahfouz 4.6 million, Abdullah Bahamdan 300,000, Mutlak Al-Mutlak 20,000, Nasir Al-Rasheed 20,000, Sultan Khaled Bin Mahfouz 3.6 million, Iman Khaled Bin Mahfouz 1.8 million, Abdul Rahman Al-Ouhali 20,000, Ameema Kaaki 1.2 million, Marae Buqshan 20,000, Omar Al-Esai 20,000, Abdul Qader Al-Fadel 20,000, Saleh Al-Kaaki 600,000 and Omar Bajari 20,000.
After the Public Investment Fund purchased majority shares a new board of directors was constituted with Abdullah Bahamdan as its chairman. The board then included Saleh Hussein Kaaki, Abdul Rahman Khaled Bin Mahfouz, Sultan Khaled Bin Mahfouz, Mutlak Abdullah Al-Mutlak, Ibrahim Al-Romaih, Abdul Aziz Al-Zaid, Dr. Khaled Nuhas and Abdullah Al-Ghaleeqa as members.
