| Element List | Explanation |
|---|---|
| Announcement Detail | Reference is made to the announcement issued by SABB on the Tadawul website on 16/08/1440H (corresponding to 23/04/2019G) in relation to its entry into a binding agreement with HSBC Asia Holdings B.V. on 18 April 2019G for the sale of 1,000,000 shares in HSBC Saudi Arabia, representing 2% of the issued share capital of HSBC Saudi Arabia, for a total value of SAR 36,000,000 (the "Transaction"). SABB would like to announce that the Transaction has been completed on 1 October 2019G, with all conditions related to the Transaction having been satisfied. |
As a result of completing the Transaction, SABB has become the owner of 49% of the shares of HSBC Saudi Arabia and HSBC Asia Holdings B.V. has become the owner of 51% of the shares of HSBC Saudi Arabia.
The Transaction will be reflected as a profit in the financial records of SABB for the period in which the transaction is completed.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.