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THE SAUDI BRITISH BANK ("SABB") ANNOUNCES THE LATEST DEVELOPMENTS IN RELATION TO THE SALE OF A 2% SHAREHOLDING IN HSBC SAUDI ARABIA TO HSBC ASIA HOLDINGS B.V.

SABB 1060 -1.35% 40.25 -0.55
Element List Explanation
Announcement Detail Reference is made to the announcement issued by SABB on the Tadawul website on 16/08/1440H (corresponding to 23/04/2019G) in relation to its entry into a binding agreement with HSBC Asia Holdings B.V. on 18 April 2019G for the sale of 1,000,000 shares in HSBC Saudi Arabia, representing 2% of the issued share capital of HSBC Saudi Arabia, for a total value of SAR 36,000,000 (the "Transaction"). SABB would like to announce that the Transaction has been completed on 1 October 2019G, with all conditions related to the Transaction having been satisfied.

As a result of completing the Transaction, SABB has become the owner of 49% of the shares of HSBC Saudi Arabia and HSBC Asia Holdings B.V. has become the owner of 51% of the shares of HSBC Saudi Arabia.

The Transaction will be reflected as a profit in the financial records of SABB for the period in which the transaction is completed

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