NCB and Samba logos
Saudi Arabia's Capital Market Authority (CMA) gave the green light for National Commercial Bank (NCB) to increase its capital from SAR 30 billion to SAR 44.78 billion, through issuing 1.478 billion ordinary shares.
The move aims to merge Samba Financial Group into National Commercial Bank through transferring the former's assets and liabilities to the latter under share swap.
NCB will publish the capital hike circular within sufficient time before holding its extraordinary general meeting.
The market regulator approved the proposed offer timetable, as well as the publication of the merger offer submitted by NCB.
The offer will be published to Samba shareholders within sufficient time before holding its extraordinary general meeting.
If NCB shareholders approve the capital increase, and Samba shareholders accept the merger offer in their extraordinary general meetings, the new shares will be issued to Samba shareholders who are registered at the Securities Depository Center (Edaa). In addition, Samba shares will be delisted from Tadawul after the merger decision becomes effective.
On Feb. 2, NCB and Samba obtained the approval of the Saudi Central Bank (SAMA) for the merger and some relevant matters, according to data compiled by Argaam.
The two banks also received, on Jan. 28, 2021, the approval of the General Authority for Competition (GAC) for the planned economic concentration.
The merger is expected to be carried out in the first half of 2021.
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