Kingdom Holding finalizes purchase of 16% stake in Banque Saudi Fransi

20/09/2017 Argaam

Kingdom Holding Co. (KHC) completed today the acquisition of 195.27 million shares, representing a 16.2 percent stake, in Banque Saudi Fransi (BSF), the company said in a statement to Tadawul.

 

The firm has obtained all the regulatory approvals, the statement said.

 

Earlier this month, Kingdom Holding announced a deal to buy the shares from Credit Agricole Corporate & Investment Bank (Credit Agricole CIB) for a total value of SAR 5.76 billion, at a price of SAR 29.5 per share.

 

The purchase will be financed from Kingdom Holding’s available liquidity and existing bank facilities.

 

Financial impact of the transaction is expected to show on the company’s Q3 2017 results.

 

Goldman Sachs Saudi Arabia was the financial advisor for this deal, the statement added.

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