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SABB and Alawwal Merger
On October 3, 2018, Saudi British Bank (SABB) and Alawwal Bank signed a merger agreement, under which the assets and liabilities of Alawwal were to be transferred to SABB. SABB issued new shares to the shareholders of Alawwal, whose brand ceased to exist post merger.
Deal Value | Method of Finance | Type | Status |
- | Capital Increase , Share Swap | Merger | Completed |
The First Party
Saudi Awwal Bank - SAB | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Conventional Banking |
*Market Cap (Million SAR) | 82,294.74 |
*Price/Share (SAR) | 40.05 |
The Second Party
Alawwal Bank - Alawwal | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Conventional Banking |
*Market Cap (Million SAR) | 22,381.90 |
*Price/Share (SAR) | 19.58 |
- *Based on the latest data available
Consultants
Deal Advisor | Goldman Sachs |
Legal Advisor | - |
Important Dates
Announced Date | 31-10-2018 |
Expected date for Completion | - |
Attachments
-
|
Main Details
The banks reached a deal, thereby Alawwal’s shareholders received 0.485 new shares into SABB for every Alawwal share. The former increased its paid-up capital by 37 percent to SAR 20.55 bln (from SAR 15 bln). SABB’s issued shares increased to SAR 2.055 bln (from SAR1.5 bln).
Based on the exchange ratio and the closing price of SAR 33.5 per SABB share on May 14, 2018 (the last business day prior to deal announcement), Alawwal’s shares were valued at SAR 16.3 each, and issued ordinary share capital at roughly SAR 18.6 bln.
Note
* On completion of the deal, SABB’s existing shareholders would own a 73 percent stake, while Alawaal’s shareholders will own the remaining share.
* The major shareholders of the resulting bank are:
HSBC Holdings B.V. (29.2 percent)
Olayan Saudi Investment Co. (18.2 percent)
NatWest Markets N.V. (10.8 percent)
The Saudi General Organization for Social Insurance (9.9 percent)
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