SAIB shareholders to vote on sale of shares acquired from JP Morgan, Mizuho on Aug. 4

Logo of Saudi Investment Bank

Saudi Investment Bank’s (SAIB) shareholders are set to vote on the sale of the shares acquired from JP Morgan International Finance Ltd. (56.25 million shares) and Mizuho Bank Ltd. (18.75 million shares) as treasury, during the extraordinary general assembly meeting (EGM) that will be held on Aug. 4.

The sale will be in accordance with the provisions and mechanism outlined in the circular for the sale of the treasury shares issued by the bank on July 14.

It stipulates that sale shall be executed at the times deemed suitable by the board in light of the prevailing market conditions and other relevant considerations, and without prejudice to the long-stop date under the previous regulatory and general assembly approvals (unless such date is extended).

The board will also have the authority to determine the entitlement date and the sale price for the treasury shares, the bank said in a bourse filing.

Shareholders will also vote on authorizing the board to carry out all actions and procedures necessary for the sale of the treasury shares in accordance with the previous paragraph, and the board will have the authority to delegate to others such authorities.

Shareholders registered in Tadawulaty system will be able to vote remotely on the agenda items above via the website starting from Saturday, July 31, until the end of the EGM.

In September 2018, SAIB successfully completed the buyback of JPMorgan International Finance Limited’s stake in the bank representing 7.49% of capital at a total value of SAR 759.31 million, according to data compiled by Argaam.

Later in May 2019, the bank acquired Mizuho Corporate Bank Limited's 18.7 million shares in SAIB for a total of SAR 253.12 million.