Investment Capital CEO Khaled Al Rayes said the percentage of shares listed in The Saudi Investment Bank’s stock market rose 10% after selling it for treasury stock.
On Thursday, the bank announced the sale of approximately 74.99 million of its own shares, for a value of 1.03 billion riyals.
The bank had acquired these shares from JP Morgan International Finance, which owned 56.25 million shares, and Mizuho Bank Co., Ltd., which owned 18.75 million shares.
Al-Rayes, whose company advised the bidding process, added in his interview with Al-Arabiya that Saudi Investment Bank bought the shareholder stake at 13.5 riyals per share and sold the shares in the prime two tranches to individuals at 13.5 riyals per share. share of the share price on the market at the time of the offer at 16.5 riyals at 17 riyals, and the second for institutions at 15.65 riyals per share, 4.5% in less than the market price.
He specifies that the mechanism used for the sale of the shares is similar to that of the purchase of pre-emption rights to increase the capital, but the capital in this case remained fixed, and the second bid was based on the adoption of the highest bid price.
He said the shares were deposited to shareholders last Thursday and “according to our review, there has been no fundamental change in ownership of the major shareholders.”
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