Advertisement
UK markets closed
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • CRUDE OIL

    83.12
    +1.77 (+2.18%)
     
  • GOLD FUTURES

    2,239.10
    +26.40 (+1.19%)
     
  • DOW

    39,780.90
    +20.82 (+0.05%)
     
  • Bitcoin GBP

    55,824.84
    +1,292.27 (+2.37%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    16,381.28
    -18.25 (-0.11%)
     
  • UK FTSE All Share

    4,338.05
    +12.12 (+0.28%)
     

BRIEF-Saudi's Alawwal Bank Says In Advaced Talks On SABB Merger

May 16 (Reuters) - ALAWWAL BANK:

* ANNOUNCES THE LATEST DEVELOPMENTS IN RELATION TO PROPOSED MERGER WITH THE SAUDI BRITISH BANK (SABB)

* CONFIRMS THAT DISCUSSIONS IN RELATION TO POSSIBLE MERGER WITH SAUDI BRITISH BANK ARE AT AN ADVANCED STAGE

* BOARDS OF ALAWWAL BANK AND SABB HAVE REACHED PRELIMINARY, NON-BINDING AGREEMENT ON SHARE EXCHANGE RATIO

* BASED ON PRELIMINARY AGREEMENT, ALAWWAL BANK SHAREHOLDERS WOULD RECEIVE 0.485 SABB SHARES FOR EACH ALAWWAL BANK SHARE

* MERGER WOULD VALUE EACH ALAWWAL BANK SHARE AT SAR 16.3 AND ALAWWAL BANK'S EXISTING ISSUED ORDINARY SHARE CAPITAL AT APPROXIMATELY 18.6 BILLION RIYALS

ADVERTISEMENT

* THIS REPRESENTS A PREMIUM OF 28.5 PERCENT TO ALAWWAL BANK SHARE PRICE AS OF MAY 14, 2018

* BINDING AGREEMENT IS YET TO BE ENTERED INTO BETWEEN ALAWWAL BANK AND SABB

* SHOULD MERGER PROCEED, IT WOULD REPRESENT IMPORTANT DEAL IN CONTEXT OF DEVELOPING BANKING SECTOR OF SAUDI

* SAYS "DOES NOT EXPECT THAT PROPOSED MERGER WILL, IF COMPLETED, RESULT IN ANY INVOLUNTARY LAYOFF OF EMPLOYEES" Source text for Eikon: Further company coverage: