Saudi Investment Bank’s (SAIB) shareholders approved the purchase of Mizuho Bank’s entire stake in SAIB which represents 2.5 percent of capital for SAR 253.12 million or SAR 13.50 per share as treasury stocks, the bank said in a bourse statement.
The transaction will be financed from the bank’s internal resources.
The bank will not cut its capital by the amount of the purchased stock, instead it will keep the stocks as treasury stocks to be offered for resale to shareholders within 18 months through a rights issue.
Shareholders have also delegated the bank’s board of directors to complete the deal and resell the stocks on one or several stages.
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