The percentage of free float shares in The Saudi Investment Bank rose by 10% after it sold treasury shares, according to Chief Investment Officer Khaled Al Rayes,
According to Arabiya Net, the bank announced last Thursday the sale of about 74.99 million treasury shares, at a value of 1.03 billion riyals.
The bank acquired these shares from JPMorgan International Finance, which owned 56.25 million shares, and Mizuho Bank Ltd., which owned 18.75 million shares. Share as treasury shares.
Al-Rayes, whose company was the advisor for the offering process, added in his interview with Al-Arabiya that the Saudi Investment Bank bought the shareholders' stake at 13.5 riyals per share, and sold the shares in two tranches, the first to individuals. At 13.5 riyals per share, compared to the share price in the market at the time of the offering at 16.5 riyals to 17 riyals, and the second for institutions at 15.65 riyals per share, lower than the market price by 4.5%.
He pointed out that the mechanism used for selling shares is similar to that of buying priority rights in the capital increase, but the capital in this case remained fixed, and the second offering was approved The highest bid price.
The shares were deposited to shareholders last Thursday, and according to our review, there was no material change in the ownership of the major shareholders.
