Logo of NCB and Samba
Shareholders of National Commercial Bank (NCB) and Samba Financial Group approved today, March 1, 2021, the merger of both banks, during their respective extraordinary general meetings (EGM).
The merger will be implemented in accordance with Articles 191 to 193 of the Companies Law through issuing 0.739 shares in NCB for every Samba share.
Shareholders also approved increasing NCB's capital from SAR 30 billion to SAR 44.78 billion, as per the merger agreement. The capital increase will be implemented when the merger becomes effective in accordance with the Companies Law and merger agreement.
Details of NCB Capital Increase |
|
Current capital |
SAR 30 mln |
No. of shares |
3 bln shares |
Post-increase capital |
SAR 44.78 bln |
No. of shares post-increase |
4.48 bln shares |
Increase |
49.3% |
Purpose of increase |
Merge Samba Financial Group into NCB through transferring the former's assets and liabilities to the latter under share swap. |
Increase method |
The issuance of 1,478 million ordinary shares for the planned merger, and transfer of Samba's assets and liabilities to NCB through the swap agreement. |
Swap co-efficient |
Samba shareholders will receive 0.739 share in NCB for each owned share in Samba. |
Eligibility |
Samba shareholders registered at Samba register of shareholders at the end of the second trading period following the effective date. |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}