Saudi Arabia's Capital Market Authority (CMA) has approved Saudi British Bank’s (SABB) request to increase its capital from SAR 15 billion to SAR 20.55 billion, by issuing 554.8 million ordinary shares in order to merge Alawwal Bank with SABB.
Accordingly, all of Alawwal's Bank assets and liabilities will be transferred to SABB through a securities exchange offer, the bank said in a bourse filing.
If SABB’s shareholders approved the capital raise and Alawwal Bank’s shareholders accepted the offer, “the new shares will be issued to Alawwal Bank shareholders who are registered in the shareholders’ registry at the Securities Depository Center Company and Alawwal Bank’s shares will be delisted from the Saudi Stock Exchange after the merger decision is effective,” the statement added.
In October 2018, SABB and Alawwal Bank inked a merger agreement to create Saudi Arabia’s third-biggest lender with a market capitalization of about $17.2 billion, Argaam previously reported.
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