Anaam recommends capital hike through $55.98m rights issue

Anaam recommends capital hike through $55.98m rights issue
Anaam recommends capital hike through $55.98m rights issue

Thank you for reading the news about Anaam recommends capital hike through $55.98m rights issue and now with the details

Jeddah - Yasmine El Tohamy - National Commercial Bank (NCB) said today an extraordinary general assembly meeting will be held on March 1, to discuss the planned merger with Samba Financial Group, according to a bourse statement.

NCB shareholders will discuss amending the bank's statute to be in line with the proposed merger. They will also vote on the merger with Samba, through the issuance of 0.739 shares in NCB for each share in Samba. They will also endorse the merger agreement signed between the two sides on Oct. 11, 2020.

Shareholders will also vote on the increase of NCB's share capital from SAR 30 billion to SAR 44.780 billion.

Similarly, Samba said, in a separate bourse filing, it will hold an EGM on March 1 to discuss the merger offer. They will also vote on the merger agreement signed with NCB.

The bank received earlier today, Feb. 8, the approval of the Capital Market Authority (CMA) on the capital increase, which will take place through the issuance of 1,478 million ordinary shares for the planned merger.

NCB and Samba received on Feb. 1, 2021, the approval of the Saudi Central Bank (SAMA) for the merger and a number of relevant matters. The two banks also received, on Jan. 28, 2021, the approval of the General Authority for Competition (GAC) for the planned economic concentration.

In October 2020, NCB entered into a legally binding merger agreement with Samba, under which both banks agreed to take the necessary measures to implement a merger pursuant to the Companies Law, as well as the merger and acquisition regulations issued by the capital market authority, Argaam reported.

The merger is expected to be carried out in the first half of 2021.

These were the details of the news Anaam recommends capital hike through $55.98m rights issue for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi non-oil economy grows 3.3 percent in first quarter
NEXT Saudi-owned ACWA Power starts to build Africa’s biggest renewables project