Citigroup, Goldman Sachs complete accelerated book building to sell 115.9 mln shares in SABB

Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia received a notification from NatWest Markets Plc and Banco Santander S.A. on completion of the accelerated book building process to sell 115.88 million shares in Saudi British Bank (SABB), according to a pricing statement published on Tadawul today, Dec. 1.

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 Dec. 1, 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: 115,886,731 shares in SABB, amounting to approximately 5.6% of the issued share capital of which 36,986,300 shares have been allocated to HSBC Holdings BV, thus increasing its ownership from 29.2% to 31% and 42,370,000 shares allocated to Olayan Saudi Investment Company Ltd, which will increase its ownership from 18.3% to 20.3%.

- Price per share: SAR 22.10

- Total proceeds: SAR 2.56 billion

The sale and purchase of the shares will be executed with each investor who received allocations during the accelerated book building process, through negotiated deals pursuant to the relevant regulations. The transaction shall be executed during the trading session on Dec. 1, 2020, noting that the transfer of shares remains subject to the execution of the negotiated deals with the potential end-investors and the successful settlement of such transactions.

Following the successful completion of the placing, NatWest Markets Plc and Banco Santander S.A. will no longer hold any shares in the company.

The bank will not receive any proceeds from the placing, the statement said.

On Monday, Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia announced receiving a notification from NatWest Markets and Banco Santander on the proposed secondary sale of up to 116 million ordinary shares of Saudi British Bank, according to data compiled by Argaam.

On Sept. 3, 2020, 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 SABB

The stock price reached SAR 24.24, bringing the total proceeds from the transaction to SAR 751.44 million.

It is noteworthy that SABB share closed at SAR 27.15 at the end of trading on Monday.