SAIB buys Mizuho’s full stake for SAR 253 mln

29/11/2018 Argaam

 

Saudi Investment Bank (SAIB) has signed an agreement to acquire Japanese Mizuho Corporate Bank Limited's 2.50 percent stake, or 18.7 million shares, for SAR 253.1 million.

 

The full stake was purchased as treasury shares at SAR 13.50 per share, SAIB said in a bourse statement on Thursday.

 

The deal is subject to regulatory approvals no later than Dec. 31, 2018.

 

SAIB is not planning to cut its capital base. Rather, the bank will retain the new shares as treasury shares for resale through a rights issue.

 

The bank will obtain the necessary approvals to finalize the deal, the statement added.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.