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SABB sells 2% stake in HSBC Saudi Arabia
On April 21, 2019, The Saudi British Bank (SABB) signed a binding agreement with HSBC Asia Holdings B.V. to sell 1 million shares, or 2 percent, of its stake in HSBC Saudi Arabia.
Deal Value | Method of Finance | Type | Status |
9.60 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
HSBC Asia Holding Co. - HSBC Asia Holding | |
Country | United Kingdom |
Status | Unlisted |
Argaam Sector | Financial services |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
The Acquired Party
HSBC Saudi Arabia Co. - HSBC | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Financial services |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 21-04-2019 |
Expected date for Completion | 31-10-2019 |
Related Parties
Company | Role |
---|---|
Saudi Awwal Bank | Shareholder |
Main Details
On completion of the deal, SABB’s stake in HSBC Saudi Arabia will, directly and indirectly, be 49 percent, while HSBC Asia Holdings B.V. will be owning a controlling 51 percent. The total book value of the shares amounts to approximately SAR 20.89 million as of Dec. 31, 2019, SAR 20.59 million as of Dec. 31, 2017 and SAR 20.14 million as of Dec. 31, 2018.
Note
* After deal finalization, SABB and HSBC Asia Holdings B.V. will enter into an amended shareholders' agreement in respect of their ownership in HSBC Saudi Arabia. The amendments will mainly relate to the governance and management of HSBC Saudi Arabia, including the board composition, which will entail reducing SABB’s control and governance rights over HSBC Saudi Arabia.
* The deal’s financial impact is expected to show on SABB financial results upon transaction finalization, with an estimated profit of around SAR 14 million.
* The deal involves related parties, as HSBC Asia Holdings B.V. is part of the HSBC Group which is a major shareholder in SABB and has representation on SABB’s board.
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