Creditor objection period on SABB-Alawwal merger begins today
Alawwal Bank said that creditor objection period for the merger with the Saudi British Bank (SABB) will begin today, May 16, 2019 and will continue until June 15, 2019.
During the creditor objection period, any creditor of Alawwal Bank will be entitled to object to the merger by submitting a registered letter to the bank’s main office in Riyadh, the bank said in a bourse statement.
According to the Companies Law, the merger will take effect upon the expiry of the creditor objection period (assuming there are no unresolved creditor objections), the statement added.
On Wednesday, the bank’s shareholders approved the offer submitted by SABB to acquire Alawwal Bank through the issuance of 0.485 new SABB share for each Alawwal share, according to data compiled by Argaam.