Riyadh – Mubasher: Saudi British Bank (SABB) has listed and deposited the consideration shares in the accounts of the eligible Alawwal bank shareholders.

Accordingly, pursuant to the merger agreement and as set out in the Shareholder Circular, the merger has been completed, the lender said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

On Sunday, SABB and Alawwal Bank announced the effectiveness of their merger after the expiry of the creditor objection period on 15 June.

Under the merger deal, all Alawwal Bank shares will be cancelled and SABB will, by way of increasing its paid-up capital from SAR 15 billion to SAR 20.547 billion, issue 554,794,522 ordinary shares in SABB, with a nominal value of SAR 10 apiece.

Therefore, the Saudi bourse announced that it has delisted Alawwal Bank shares on Tuesday, 18 June, on the back of merger with SABB.