Riyadh – Mubasher: The Saudi British Bank (SAAB) has concluded a binding contract to sell its 2% stake in HSBC Saudi Arabia to HSBC Asia Holdings B.V. at a total value of SAR 36 million.
Therefore, SAAB will become the owner of 49% equity, instead of 50.994%, in the shares of HSBC Saudi Arabia, whereas HSBC Asia Holdings B.V. will be the owner of 51% stake in the shares of HSBC Saudi Arabia, the bank said in a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
Concluded on Tuesday, 1 October, the deal will reflect as profits in SAAB’s financial statements for the period during which the transaction is completed.
