SAIB completes repurchase of JPMorgan’s stake

27/09/2018 Argaam
 

The Saudi Investment Bank (SAIB) said it has successfully completed the buyback of JPMorgan International Finance Limited’s stake in the bank.

 
The bank has also registered the purchased shares as treasury shares, it said in a statement to Tadawul.

 

On Wednesday, the bank’s extraordinary general assembly approved the buyback of 56.25 million shares representing 7.49 percent of capital from JPMorgan International Finance Limited at a total value of SAR 759.31 million (SAR 13.50 per share).

 

The shares were repurchased today in a negotiated deal within the Saudi Stock EXchange.

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