SABB deposits consideration shares in eligible shareholder accounts

Saudi British Bank (SABB) has listed and deposited the consideration shares - issued to Alawwal Bank shareholders - in eligible shareholders' accounts.

Accordingly, the merger has been completed, and Alawwal’s Tadawul-listed shares were cancelled, SABB said in a bourse statement on Wednesday.

Related: SABB-Alawwal Bank merger goes into effect

As announced by SABB and Alawwal Bank earlier, their merger resolution came into effect on Sunday, June 16.

The deal includes SABB hiking its paid-up capital to SAR 20.55 billion by issuing 554.79 million ordinary shares at a nominal value of SAR 10 each to Alawwal shareholders.

Alawwal Bank shareholders, who are registered in the bank’s share registry at Edaa by the end of the second trading period, are eligible to receive 0.48535396 SABB shares for every share held in Alawwal Bank.