SABB inks deal to sell entire stake in Wataniya Insurance for SAR 80 mln

23/12/2021 Argaam

A SABB branch

Saudi British Bank (SABB) signed, on Dec. 22, a share sale and purchase agreement (SPA) worth SAR 80 million with Private Wealth Investment Holding Co. to sell its entire stake in Wataniya Insurance Co. 

 

Under the agreement, SABB will sell 4 million ordinary shares, or 20% of the insurer’s share capital to the buyer, the bank said in a bourse filing. 

 

The sale proceeds will be used by the bank for general corporate purposes. The deal does not involve any special conditions. 

 

No material impact is expected on the bank or its operations, SABB said, noting that there are no related parties to the agreement. 

 

According to data compiled by Argaam, SABB in July announced plans to exit Wataniya to serve shareholders' best interest. 

 

According to the bank's announcement, the deal was completed based on a share price of SAR 20, while Wataniya Insurance closed yesterday at SAR 43.20. 

 

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