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SABB to sell SAR 36m equity in HSBC Saudi Arabia

SABB to sell SAR 36m equity in HSBC Saudi Arabia
The total book value of the shares amounts to approximately SAR 20.8 million
SAB
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4.63% 35.00 1.55

Riyadh – Mubasher: The Saudi British Bank (SABB) has signed a binding agreement with HSBC Asia Holdings on 18 April 2019 to sell 1 million shares in the share capital of HSBC Saudi Arabia.

This stake represents 2% of the issued share capital of HSBC Saudi Arabia for a total value of SAR 36 million, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Following this transaction, the Tadawul-listed SABB will, directly and indirectly, be the owner of a 49% equity in HSBC Saudi Arabia, while HSBC Asia Holdings will own 51%.

“The total book value of the shares amounts to approximately SAR 20,886,156 as of 31 December 2016, and SAR 20,585,255 as of 31 December 2017, and SAR 20,144, 235 as of 31 December 2018,” the SABB said in the disclosure.