SAIB says treasury shares offering 87% covered

A branch of The Saudi Investment Bank

The Saudi Investment Bank (SAIB) announced in a bourse statement the results of the treasury shares sale and the details of the sale of the remaining treasury shares, as shown in the following table:

Remaining shares will be sold to a group of institutional investors, provided that these institutions submit their offers to purchase the remaining shares. They will be allocated to investment institutions with the highest offer, then the lowest (provided that the offer is not less than the selling price).

Shares will be allocated proportionally to the investment institutions that make the same offer.

In case of any unsold treasury shares after the end of the period of selling the remaining shares, SAIB will keep them as treasury shares and dispose of them as deemed appropriate by the board of directors, taking into account compliance with the relevant regulatory requirements and obtaining the required approvals for that.

The remaining 9.75 million shares will be offered as unsubscribed shares, starting Sept. 1, at 10am, until Sept. 2, at 5pm.

According to data compiled by Argaam, SAIB’s rights issue subscription period for treasury shares closed on Aug. 26.

The rights trading and the treasury shares purchase period started on Aug. 16, by offering 75 million shares of the bank’s treasury shares at a price of SAR 13.50 per share.