The extraordinary general assembly of the shareholders of the National Commercial Bank and Samba Financial Group approved the merger agreement on Monday, the first of March 2021.
Al-Ahly Commercial said in a statement to the Saudi Market (Tadawul), today, Tuesday, that it was approved to merge Samba into the bank by issuing 0.739 shares in Al-Ahli Bank for each A share in Samba Group, in accordance with the terms and conditions of the merger agreement.
and it was approved to increase the capital of the National Bank from 30 billion riyals to 44.78 billion riyals, provided that this increase will take effect upon the merger's effectiveness in accordance with the provisions of the Companies Law and the merger agreement. / p>
The association approved the proposed amendments to the articles of association of the National Bank, and authorizes the bank's board of directors to issue any decision or take any action that may be necessary to implement the merger agreement.
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The bank pointed out that the right to increase the capital of the shareholders who own the shares of Samba Financial Group when the merger decision comes into effect and who are registered in the group's shareholders register at the end of the second trading period after the merger decision comes into effect. / p>
For its part, Samba said in a separate statement to the stock exchange that the extraordinary general public shareholders of the group agreed yesterday, Monday, to the offer submitted by Al-Ahly Commercial for the purpose of merging the group with the bank.
and Samba explained that the provisions of the merger agreement concluded with the National Commercial Bank were approved, and the Board of Directors of Samba Financial Group was authorized to issue any decisions or take any action that may be necessary. To implement the merger agreement.
