SGBL Insurance
newest owner in Solidere

Sale by SGBL

Société Générale de Banque au Liban (SGBL) has sold 3.5 million shares of Solidere to SGBL Insurance, its fully owned subsidiary, at a total value of $23.7 million.

SGBL now holds 13 million shares, or 7.88 percent of Solidere, while SGBL Insurance owns 2.12 percent.

The sale was done for three types of shares. The first included the sale of 1 million shares of Solidere ‘B’ at $6.68 per share. The second included the sale of another 1 million shares of Solidere ‘B’ the next day, at $6.69 per share. The third included the sale of 1.5 million shares of Solidere ‘A’ at $6.88 per share.

Solidere released its semi-annual financial statement announcing that it registered a net loss of $99.1 million in the first half of 2018, up 424 percent since December of last year. It was not able to achieve a single land sale.