Riyadh – Mubasher: Saudi British Bank (SABB) has inked an agreement to sell its entire stake in Wataniya Insurance Company to Private Wealth Investment Holding Company in exchange for SAR 80 million.
The bank will sell four million ordinary shares, representing 20% of Wataniya’s share capital, to Private Wealth Investment Holding Company, according to a bourse filing on Thursday.
The bank will use the transaction's proceeds for general corporate purposes.
Meanwhile, the transaction is not expected to result in a material impact on the bank or its operations.
It is noteworthy to mention that in the first nine months of 2021, SABB turned to net profits of SAR 2.775 billion, versus net losses of SAR 4.847 billion in the year-ago period.
