Wataniya Insurance gets nod from Private Wealth to acquire SABB’s 20% stake

26/12/2021 Argaam

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. received an email on Dec. 23, from Private Wealth Investment Holding Co., confirming the purchase agreement to acquire The Saudi British Bank’s (SABB) entire stake.

 

The stake comprises four million shares and represents 20% of the company’s capital, the insurer said in a bourse statement, indicating that the sale will be for SAR 80 million.

 

The bank recently signed a share sale and purchase agreement (SPA) worth SAR 80 million with Private Wealth Investment Holding Co. to sell its entire stake in Wataniya Insurance Co., according to data compiled by Argaam.

 

In July, SABB announced plans to exit Wataniya to serve shareholders' best interest.

 

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