Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Tuesday announced that it has delisted Alawwal Bank shares on the back of merger with the Saudi British Bank (SABB), according to Tadawul’s statement.
On Sunday, SABB and Alawwal Bank announced the effectiveness of their merger after the expiry of the creditor objection period on 15 June.
Under the merger deal, all Alawwal Bank shares will be cancelled and SABB will, by way of increasing its paid-up capital from SAR 15 billion to SAR 20.547 billion, issue 554,794,522 ordinary shares in SABB, with a nominal value of SAR 10 apiece.
Accordingly, the Saudi bourse has announced the trading suspension on Alawwal Bank’s shares in the market as of Sunday, 16 June.
