ALAWWAL BANK ANNOUNCES THE COMMENCEMENT OF THE CREDITOR OBJECTION PERIOD IN RELATION TO THE MERGER BETWEEN ALAWWAL BANK AND THE SAUDI BRITISH BANK
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to the announcement made earlier today (11/9/1440H (corresponding to 16/5/2019G)) through Tadawul in relation to the results of its extraordinary general assembly meeting which included the acceptance of the offer made by The Saudi British Bank ("SABB") in connection with the proposed merger of Alawwal Bank and SABB (the "Merger") to be effected by way of a merger pursuant to Articles 190 to 193 of the Companies Law and Article 49 (a) (1) of the Merger and Acquisition Regulations, Alawwal bank announces the commencement of the creditor objection period in relation to the Merger (the "Creditor Objection Period") pursuant to Article (193) of the Companies Law.
During the Creditor Objection Period, any creditor of Alawwal bank will be entitled to object to the Merger by submitting a registered letter to Alawwal bank’s main office located at Abdulaziz Bin Musaid Bin Jalawi Street in Riyadh, P.O. Box 1467 Riyadh. The Creditor Objection Period commences today (11/9/1440H (corresponding to 16/5/2019G)) and shall expire at the end of the day on 12/10/1440H (corresponding to 15/6/2019G). Pursuant to the Companies Law, the Merger will take effect upon the expiry of the Creditor Objection Period (assuming there are no unresolved creditor objections).
For further information about the Merger, please refer to the Offer Document issued by SABB and the Alawwal bank Board Circular issued by the board of directors of Alawwal bank. |
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