SAIB board agrees to sell 75 mln treasury shares at SAR 13.50 each

05/08/2021 Argaam

Logo of The Saudi Investment Bank

The board of directors of The Saudi Investment Bank (SAIB) decided, on Aug. 4, to launch the transaction for the sale of 75 million treasury shares in accordance with the mechanism in the share sale circular.

 

According to a bourse filing, the board set the eligibility date on Aug. 11, and the sale price at SAR 13.50 per share. The number of shares to be sold represents 100% of the total treasury shares of the bank.

 

The bank intends to support its financial position through the sale of the treasury shares and the proceeds of the sale will be used to support its capital base, increase its liquidity ratios, and finance its expansion activities and future operations.

 

According to data compiled by Argaam, shareholders of SAIB approved the sale of the shares acquired from JP Morgan International Finance Ltd. (56.25 million) and Mizuho Bank Ltd. (18.75 million) as treasury shares, during the extraordinary general assembly meeting (EGM) held on Aug. 4.

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