Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Sunday announced signing an agreement to repurchase J.P. Morgan International Finance Limited’s full stake of 56.2 million shares in the bank.

The total value of the transaction amounted to SAR 759.3 million ($202.43 million), SAIB said, noting that the price per share in the deal was SAR 13.50.

The deal is pending regulatory approvals for a period not exceeding a deadline of 30 September 2018.

The US-based financial services’ firm had held a 7.49% stake in the Saudi bank.

SAIB further highlighted that it was not planning, after this deal, to reduce its capital but that it prefers to hold treasury stock, which it may reissue to shareholders at a later time as rights issue shares.

SAIB last reported a 4.73% profit rise to SAR 361.2 million ($96.30 million) in the first quarter of 2018 from SAR 344.9 million ($91.95 million) in the year-ago period, on higher operating income and net special commission income.