A branch of The Saudi Investment Bank
The Saudi Investment Bank’s (SAIB) shareholders approved the sale of the shares acquired from JP Morgan International Finance Ltd. (56.25 million shares) and Mizuho Bank Ltd. (18.75 million shares) as treasury, during the extraordinary general assembly meeting (EGM) held on Aug. 4.
Saudi Investment Bank’s (SAIB) shareholders approved the sale of the shares acquired from JP Morgan International Finance Ltd. (56.25 million) and Mizuho Bank Ltd. (18.75 million) as treasury shares, during the extraordinary general assembly meeting (EGM) held on Aug. 4.
The sale will be in accordance with the provisions and mechanism outlined in the circular for the sale of the treasury shares issued by the bank on July 14, according to a bourse filing.
The circular stipulates that sale shall be executed at the times deemed suitable by the board in light of the prevailing market conditions and other relevant considerations, and without prejudice to the long-stop date under the previous regulatory and general assembly approvals (unless such date is extended).
The board will also have the authority to determine the entitlement date and the sale price for the treasury shares, the statement said.
Shareholders authorized the board to carry out all actions and procedures necessary for the sale of the treasury shares, in accordance with the previous paragraph, and the board will have the authority to delegate to others such authorities.
In September 2018, SAIB successfully completed the buyback of JP Morgan International Finance Limited’s stake in the bank, representing 7.49% of capital at a total value of SAR 759.31 million, according to data compiled by Argaam.
In May 2019, the bank acquired Mizuho Corporate Bank Limited's 18.7 million shares in SAIB for a total of SAR 253.12 million.
In November 2020, the bank’s shareholders agreed to extend the maximum period within which the bank can retain the shares until Dec. 31, 2021.
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