The shares have been acquired by FFA Private Bank and a group of Lebanese investors to re-launch the company’s activity and capitalizing on its brand and water characteristics.

The new shareholders are planning to create a luxury wellness center at the site aimed at an exclusive international clientele.

The project will be developed by FFA Real Estate, a fully owned subsidiary of FFA Private Bank at an estimated development cost of $60 million.

FFA Private Bank acted as the arranger and placement agent. It also invested in the venture as part of its merchant banking activities. It will manage a planned IPO and re-listing of the company shares on the Beirut Stock Exchange (BSE).

Abou Jaoude & Associates Law Firm (“AJA”) acted as the legal adviser to the transaction.

The company was established in 1973 under the name Societe Des Eaux De Naas Bikfaya and has a large number of shareholders from the Majdalani family, headed by Nadine Majdalani Bekdache. Several banks including Audi Sardar and BNPI hold shares in the company.