The Public Investment Fund (PIF) and Capital Bank Group, a banking group in Jordan, Iraq and the MENA region, announced today the signing of a subscription agreement through which PIF becomes a strategic investor in the group.
Upon the successful completion of the deal, PIF will have around 24% interest in the group’s capital, at a value of almost $185 million for the issuance of 63 million in new shares.
The completion of the deal is subject to completing the conditions in the relevant agreements and obtaining the required approvals from regulators and the relevant government authorities.
The deal aims to increase the group’s capital and raising its total shareholders’ equity to around $846 million and bolstering the group’s ability to execute its strategy and expand its business through introducing new services and products in Jordan, Saudi Arabia, Iraq and other markets where it operates including the Group’s investment arm: Capital Investments.
PIF also recently took a 5.01% stake in Nintendo as in aims to increases their expansion to the Japanese video gaming industry.
The investment contributes to Capital Bank Group’s goal of positively impacting the Jordanian economy.
Also read: PIF acquires 16.87% of Alwaleed’s Kingdom Holding for $1.5 billion
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