SAIB shareholders extend holding period of JP Morgan’s and Mizuho’s treasury shares

Saudi Investment Bank’s (SAIB) shareholders approved, during the extraordinary general assembly meeting held on March 23, 2020, to extend the maximum period within which the bank can hold the shares acquired from JP Morgan International Finance Limited (amounting to 56.25 million shares), and the shares acquired from Mizuho Bank Ltd (amounting to 18.75 million shares) as treasury shares until Dec. 31, 2020 (the Long Stop date).

The meeting also authorized the board of directors to sell the treasury shares at such time before the Long Stop date through such mechanisms it deems appropriate, subject to regulatory approvals.

Shareholders also authorized the board of directors to take all actions with respect to the disposal of the treasury shares, including the possibility of selling them to non-shareholders.

As per data available with Argaam, in Sep. 2018, the bank’s extraordinary general assembly approved the buyback of JPMorgan International Finance Limited’s stake in the bank, which amounts to 56.25 million shares, representing 7.49% of capital, at a total value of SAR 759.31 million.

Further, in March 2019, SAIB shareholders approved the purchase of Mizuho Bank’s entire stake in SAIB which represents 2.5% of capital for SAR 253.12 million or SAR 13.50 per share as treasury stocks Argaam reported earlier.