SAIB sells 75 mln treasury shares for SAR 1.03 bln

09/09/2021 Argaam

A branch of The Saudi Investment Bank

The Saudi Investment Bank (SAIB) sold 75 million treasury shares for SAR 1.03 billion, the bank said in a bourse filing.

 

The sale proceeds will be utilized as per the circular included in the bank’s announcement for the extraordinary general meeting (EGM), dated July 14, 2021.

 

According to data compiled by Argaam, shareholders of SAIB 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 bank intends to support its financial position through the sale of the treasury shares and the proceeds of the sale will be used to support its capital base, increase its liquidity ratios, and finance its expansion activities and future operations. 

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