The outcome of a Saudi bid for a $2 billion stake in newly listed Bank of China will be announced later this month, the deal's arranger said on Sunday.
Ahmed Halawani, chief executive of Alazizia Commercial Investment Co, denied a report in Saudi business newspaper Al Eqtisadiah that investors led by billionaire Prince Alwaleed bin Talal had only secured $390 million worth of shares in the bank.
"We will be holding a press conference in a couple of weeks with the chairman of the bank to announce the outcome of the bid," he told Reuters.
The Saudi consortium unveiled its $2 billion offer late last month, saying it wanted a 2.7 percent stake in Bank of China, which raised $9.7 billion in the world's largest initial public offering in six years.
Prince Alwaleed, ranked by Forbes as the world's fifth-richest person, linked the bid to King Abdullah's drive to develop ties with Beijing. The Saudi king visited China in January and China's president came to Riyadh last month.
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