Riyadh – Mubasher: Saudi Investment Bank (SAIB) on Sunday announced that its shareholders had approved purchasing the Japanese Mizuho Corporate Bank’s full stake in the bank as treasury stocks during an extraordinary general meeting (EGM) held on Thursday.

The Japanese bank’s stake in SAIB amounts to 18.75 million shares, representing 2.5% of the Saudi bank’s capital with a total value of SAR 253.12 million ($67.44 million), at SAR 13.5 per share, according to SAIB’s statement to the Saudi Stock Exchange (Tadawul).

SAIB will finance the purchasing process from the bank’s internal sources and assets, the statement added.

The Saudi bank is not planning to reduce its capital as it will retain the new shares as treasury shares to be resold to shareholders later within a maximum period of 18 months from closing the deal after obtaining regulatory approvals.

In November 2018, SAIB signed an agreement with the Japanese bank to buy its entire stake in the kingdom-based lender for SAR 253.12 million.

SAIB’s capital reaches SAR 7.5 million distributed over 750 million shares with a nominal value of SAR 10 a share.

At the end of Thursday's trading session, SAIB’s stock fell 0.43% to close at SAR 18.74.