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Awqaf Al Rajhi slashes Al Rajhi Bank stake for third time

Awqaf Al Rajhi slashes Al Rajhi Bank stake for third time
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The daily changes in the list of major owners in Tadawul-listed companies showed that Awqaf Sulaiman A. Al Rajhi Company sold 3.1%, or 50.37 million shares of its stake in Al Rajhi Bank.
Thus, the company’s equity was reduced from 17.8% (289.25 million shares) to 14.7% (238.8 million shares).
According to data compiled by Mubasher, this is the third time for Awqaf Al Rajhi to reduce its shareholding in the bank this year. On September 9, the company lowered its stake by 0.9%, while it lowered its stake by the same percentage on March 18. Meanwhile, the company raised its equity in mid-year by 2% to 19.6%.
The Saudi Stock Exchange (Tadawul) has executed on Wednesday a special transaction on 49 million shares in Al Rajhi Bank at SAR 63 each, totaling SAR 3.09 billion.
Thus, the transaction was carried out at a price that is higher than the stock’s current market price between SAR 59.25-SAR 60.
This special transaction is the biggest one to be executed on Tadawul in its lifetime, i.e. since the launch of special trades in January 2011.