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Lebanon Finance News

Dedicated to economic and business news on Lebanon, managed by the team of Lebanon Opportunities.

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

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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 stoo….
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Shaker Holdings exits BLOM Bank for $69.8 million. Main stake bought by other shareholders

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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.

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

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

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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 ….
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470 financial crimes reported Special Investigation Comm.. Cases of terrorism financing up 70 percent

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The Central Bank’s Special Investigation Commission (SIC) said it received 470 cases related to financial crimes last year, up nine percent compared with 2015.

The number of crimes reported by local sources totaled 363. The remaining 107 case….
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Cedrus Invest Bank client implicated in insider trading. Bank not named as defendant

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The United States’ Securities and Exchange Commission (SEC) has filed a legal case against unknown defenders, including a customer of Cedrus Invest Bank, on suspicions of insider trading in call options. The Cedrus client has realized a potential pr….
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Scale-up program to launch at UKLTH. Venture building accelerator program launched, Beirut Innovation Week confirmed

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The UK Lebanon Tech Hub (UKLTH) will launch a scale-up program in September. The program will follow on from the venture accelerator program, The Nucleus, which was launched last week. Dimitri Papadimitriou, Acting Director of UKLTH, said the scale….
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Local fintech startups among top four countries regionally. Emerging sector showing positive signs

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Lebanon is one of four countries in the Middle East and North Africa (MENA) that when combined account for almost 75 percent of all fintech startups launched in 12 countries regionally, according to the recently published report: State of Fintech, b….
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Bank Audi sells cards unit to M1 Group. Deal estimated at $185 million

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Bank Audi has sold its electronic payment and card services business to M1 Financial Technologies, a subsidiary of M1 Group. M1 will operate the business via Areeba SAL.

The value of the deal is $185 million, but is subject to adjustment of u….
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