SAIB closes subscription period for treasury shares today
Saudi Investment Bank’s headquarters
Saudi Investment Bank’s (SAIB) rights issue subscription period for treasury shares will close today, Aug. 26, according to a bourse statement.
The rights trading and the treasury shares purchase period started on Aug. 16, while the rights trading period to purchase treasury shares ended on Aug. 23.
Sale of Treasury Shares Details |
|
Sale Process |
Sale of treasury shares to eligible investors through a methodology similar to that of rights issuance |
Sale Purpose |
Enhance the bank’s financial position. The sale proceeds will be used to boost SAIB’s capital base and liquidity, and to finance future expansions |
Eligibility |
Aug. 11, 2021 |
Number of Treasury Shares |
75 mln |
Total Treasury Shares for Sale |
75 mln |
New Investors |
All investors, including retail and unregistered institutional investors that purchased rights during the trading period |
Eligibility Coefficient |
One right for every nine shares held |
Treasury Shares/Capital |
9.99% |
Purchase Period |
From Aug. 16-26, 2021 |
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