Creditor objection period on SABB-Alawwal merger to end on Saturday

Alawwal Bank said that creditor objection period for the merger with the Saudi British Bank (SABB) will end June 15, 2019, according to a bourse statement.

According to the Companies Law, the merger will take effect upon the expiry of the creditor objection period, assuming there are no unresolved creditor objections.

During the creditor objection period, which began on May 16, any creditor of Alawwal Bank is entitled to object to the merger by submitting a registered letter to the bank’s main office in Riyadh.

In May, the bank’s shareholders approved the offer submitted by SABB to acquire Alawwal Bank through the issuance of 0.485 new SABB share for each Alawwal share, according to data compiled by Argaam.