Alawwal Bank announces the expiry of the creditor objection period and the effectiveness of the resolution to merge Alawwal bank and The Saudi British Bank
| Element List | Explanation |
|---|---|
| Announcement Detail | Reference to the announcements made by Alawwal bank on 11/9/1440H (corresponding to 16/5/2019G) through Tadawul in relation to the results of extraordinary general assembly meeting which includes the approval of the offer by The Saudi British Bank ("SABB") in connection with the proposed merger (the "Merger") of the Alawwal bank and SABB, and the announcement in relation to the commencement of the creditor objection period in relation to the merger between Alawwal bank and SABB pursuant to Article (193) of the Companies Law, Alawwal bank announces:
1. the expiry of the creditor objection period at the end of the day on 12/10/1440H (corresponding to 15/6/2019G) and that no creditor objections have been received by Alawwal bank during this period; and
2. the effectiveness of the resolution to merge Alawwal bank into SABB. Alawwal bank has therefore ceased to exist as a separate legal entity and all of the assets and liabilities of Alawwal bank have been transferred to SABB. As part of the Merger, all Alawwal bank Shares will be cancelled and SABB will, by way of increasing its paid-up capital, issue 554,794,522 ordinary shares in SABB, with a nominal value of SAR 10 per share, in favour of Alawwal bank shareholders who are registered in Alawwal bank’s share registry at the Depository Center at the end of the trading period on 14/10/1440H (corresponding to 17/6/2019G).
For further updates on the steps following the merger effectiveness, please follow SABB's announcements in this regard. |
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