Samba Financial Group Announces the Expiry of the Creditor Objection Period and the Effectiveness of the Merger of Samba Financial Group into National Commercial Bank
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to Samba Financial Group’s announcements made on 17/07/1442H (corresponding to 01/03/2021G) through the Saudi Stock Exchange (Tadawul) in relation to the results of the extraordinary general assembly meeting, including the acceptance of the offer from the National Commercial Bank to merge Samba Financial Group into the National Commercial Bank (the "Merger") and the commencement of the creditor objection period in relation to the Merger pursuant to Article (193) of the Companies Law, Samba Financial Group hereby announces:
• The expiry of the creditor objection period at the end of the day on 18/08/1442H (corresponding to 31/03/2021G) and that no creditor objections have been received by Samba Financial Group during this period. • The effectiveness of the resolution to merge Samba Financial Group into the National Commercial Bank. Samba Financial Group has therefore ceased to exist as a separate legal entity and all of the assets and liabilities of Samba Financial Group have transferred to the National Commercial Bank, which continues to exist as a legal entity. • As a result of the Merger, all of the shares of Samba Financial Group will be cancelled and the National Commercial Bank will, by way of increasing its paid-up capital, issue (1,478,000,000) ordinary shares with a nominal value of SAR (10) per share, in favor of Samba Financial Group shareholders who are registered in Samba Financial Group’s share register at the Saudi Securities Depository Center Company (Edaa) at the end of trading on Sunday 22/08/1442H (corresponding to 04/04/2021G).
For further updates on the steps following the Merger’s effectiveness, please follow the National Commercial Bank’s announcements in this regard. |
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