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Alawwal bank and Saudi British Bank (SABB) have now reached preliminary, non-binding, agreement on the share exchange ratio, subject to a number of important steps, including agreement on a number of other commercial issues.
Based on this preliminary agreement, Alawwal bank shareholders would receive 0.485 SABB shares for each Alawwal Bank share. Based on this exchange ratio and the closing price of SAR 33.5 per SABB share on 14 May 2018 (being the last trading day prior to the date of this Announcement), the merger would value each Alawwal Bank share at SAR 16.3 and Alawwal bank's existing issued ordinary share capital at approximately SAR 18.6 billion. This represents a premium of 28.5% to the Alawwal Bank share price as of 14 May 2018.
While this means discussions are now at an advanced stage, any binding agreement to proceed with a merger will still be subject to a number of conditions, including shareholder and regulatory approvals.
Further details on the progress of merger discussions will be announced in due course.
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