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SABB, Alawwal top Tadawul hikes on possible merger

SABB, Alawwal top Tadawul hikes on possible merger
(Photo Credit: Arabianeye-Reuters)
Alawwal Bank
1040
1.45% 19.58 0.28
SAB
1060
18.57% 41.50 6.50

Riyadh – Mubasher: Saudi British Bank (SABB) and Alawwal Bank topped the Saudi Stock Exchange’s (Tadawul) hikes on Wednesday after their possible merger announcement.

By 10:45 am KSA time, Alawwal led the green zone and surged 9.26% to SAR 11.45, while SABB came second and rose 4.77% to SAR 23.05.

On Tuesday, SABB and Alawwal Bank had announced entering initial discussions to study a possible merger between the two banks, with the coordination with the Saudi Arabian Monetary Authority (SAMA).

Alawwal achieved SAR 40.7 million in liquidity by exchanging 3.6 million shares while the turnover of SABB reached SAR 19.87 million through exchanging 861,560 shares.

Meanwhile, the main index of Tadawul added 0.13% or 9.14 points to stand at 6,925 points.