Because of a “material event” … the Saudi market suspended trading...

Because of a “material event” … the Saudi market suspended trading...
Because of a “material event” … the Saudi market suspended trading...
, United Arab Emirates (CNN) – The Saudi Market, Tadawul, announced today, Sunday, that it has suspended trading on the shares of Samba Financial Group and National Commercial Bank for one day.

In a statement, Tadawul said that trading on the shares of Samba Financial Group and National Commercial Bank was suspended, at the request of both sides, “in preparation for the announcement of a substantial event.”

The suspension is scheduled to last for one trading session, and shares trading will resume tomorrow, Monday.

At the end of last June, the Saudi market announced that Samba Group had signed a framework agreement with the National Commercial Bank to start studies for the two sides to negotiate a potential merger deal between them, which could create one of the largest banks in the Arab region.

The two parties agreed, in a non-binding way, that the National Commercial Bank would be the merging bank, and that the group would be the merging bank, in case the deal was completed.

The merger will also grant the group’s shareholders between 0.736 and 0.787 new shares in National Commercial Bank for every share they own in the group.

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