With reference to the announcement made by the Saudi British Bank (the “Bank”) on the website of the Saudi Exchange (Tadawul) on 04/12/1442H (corresponding to 14 July 2021G), pursuant to which the Bank announced its strategic direction regarding its ownership in Wataniya Insurance Company (the “Company”) and its plans to exit therefrom, the Bank announces the signing of a share sale and purchase agreement on 22 December 2021 with Private Wealth Investment Holding Company (the “Buyer”).
Transaction Details
The sale of the Bank’s entire stake in the Company comprising of four (4) million ordinary shares (the “Shares”) and representing twenty per cent. (20%) of the Company’s share capital to the Buyer (the “Transaction”).
Transaction Value
80 million Saudi Riyals.
Transaction Terms
The transaction is not subject to any special terms.
Parties of the Transaction
The Saudi British Bank (SABB) as Seller and Private Wealth Investment Holding Company as Purchaser.
Transaction Funding Method
Not applicable.
Transaction Execution Date
2021-12-22 Corresponding to 1443-05-18
Description of the Business of the Asset forming the Subject Matter of the Transaction
Four (4) million shares in the Company, representing twenty per cent. (20%) of the Company’s share capital.
Asset Book Value
Please refer to the financial statements published by the Bank on the Saudi Exchange (Tadawul).
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction
Please refer to the financial statements published by the Company on the Saudi Exchange (Tadawul).
Transaction reasons
Please refer to the announcement made by the Bank on the website of the Saudi Exchange (Tadawul) on 04/12/1442H (corresponding to 14 July 2021G).
Expected Impact of the Transaction on the Company and Its Operations
The Bank does not expect the Transaction to result in a material impact on the Bank or its operations.
Details of Using The Proceeds of the Asset Sale
The proceeds of the Transaction will be used by the Bank for general corporate purposes.
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