Riyadh – Mubasher: Saudi Investment Bank (SAIB) on Sunday announced that its board has approved acquiring a 2.5% stake of Japanese Mizuho Corporate Bank Limited in SAIB.
The purchase of Mizuho Corporate Bank's ordinary shares that will be financed from SAIB’s internal resources, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi lender noted that its treasury shares account for 7.50% of its capital.
The acquisition will take place after receiving the approval of the bank’s shareholders.
The newly-acquired shares will have no voting rights, the statement said.
It is worth noting that SAIB’s net profits levelled up 2.4% year-on-year to SAR 1.08 billion during the first nine months of 2018.
By 10:30 am KSA time, SAIB’s stock advanced 2.15% at SAR 17.10.
