Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Thursday announced that it has completed repurchasing JPMorgan International Finance Limited’s stake in the lender.
The bank’s board approved to buy 56.25 million shares, accounting for 7.49% of the share capital, as treasury stocks at a total value of SAR 759.3 million, or SAR 13.50 per share, according to a statement the Saudi Stock Exchange (Tadawul).
On Wednesday 26 September, the bank’s extraordinary general meeting (EGM) has agreed to buy JPMorgan’s stake.
By the end of Thursday’s session, SAIB’s stock rose 0.56% at SAR 17.90.
