Citigroup, Goldman Sachs complete accelerated book building to sell 31 mln shares in SABB

Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia received a notification from NatWest Markets Plc and Banco Santander S.A. about the completion of the accelerated book building process to sell 31 million shares in Saudi British Bank (SABB), according to a pricing statement on Tadawul.

The shares will be acquired by the respective affiliates, Citigroup Global Markets Ltd. and Goldman Sachs International from NatWest Markets Plc and Banco Santander S.A. for sale (at the same price per share) to end-investors on Sept. 3, 2020.

Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia are acting as joint bookrunners and joint brokers with respect to the sale.

The results are as follows:

· Number of allocated shares: 31,000,000 shares in SABB, amounting to approximately 1.5% of the issued share capital

· Price per share: SAR 24.24

· Total proceeds: SAR 751.4 million

Under the terms of the placing, NatWest Markets Plc and Banco Santander S.A. agreed not to dispose of any remaining shares, which they own in SABB for a period of at least 90 days.

The foregoing shall not apply to:

· Sale of shares pursuant to the placing

· Sale or transfer by Natwest Markets Plc and Banco Santander S.A. of equity securities of the company, other than a sale or transfer involving a general or public offer or distribution of equity securities

Meanwhile, as a condition to any such sale or transfer, the buyer or transferee will give a written undertaking to Citigroup Global Markets Ltd. and Goldman Sachs International to comply with the above restrictions applicable to NatWest Markets Plc and Banco Santander S.A. for the remainder of the lock-up period.

The sale and purchase of the shares will be executed with each investor who received allocations during the accelerated book building process, through private transactions (negotiated trades) pursuant to the relevant regulations, and shall be executed during the trading session on Sept.3, 2020.

The transfer of shares remains subject to the execution of the private transactions (negotiated deals) with the potential end-investors and the successful settlement of them.

Following the successful completion of the placing, the ownership of NatWest Markets Plc in SABB will be approximately 3.3%, while the ownership of Banco Santander S.A. will be approximately 2.4%.

SABB will not receive any proceeds from the placing.