The bank said that the stake is 18.75 million shares, representing 2.5% of the capital of the Saudi Investment Bank, with a total amount of 253.12 million riyals based on the price of 13.5 riyals per share, as treasury shares .
The bank stated that it will finance the purchase through the bank's internal sources and assets, and the bank does not intend to reduce its capital with treasury shares, but the bank will hold these shares as treasury shares to be resold. To shareholders at a later time by following the same mechanism of issuing priority rights shares within a period not exceeding 18 months from the date of the deal, after obtaining the required approvals, if necessary.
The bank also indicated the authorization of the bank’s board of directors to complete a purchase transaction for the entire shareholder share of Mizuho Bank Company in the Saudi Investment Bank in one or several stages, and this authorization is valid For a maximum period of 12 months from the date of the association's decision.
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