“Al-Ahly” announces execution of decision to merge “Samba” with end of creditors’ opposition period

Today, Thursday, the National Bank of Egypt announced that the decision to merge the Samba financial group will take effect, and on this basis, the Samba financial group has expired and all of its rights and obligations will be transferred to the National Bank.

The bank said in a statement on the Saudi market’s website “Tadawul” that this would be done in exchange for the National Bank issuing one billion and 478 million ordinary shares with a par value of 10. riyals per share for the benefit of shareholders of Samba Financial Group, increasing its paid-up capital from 30 billion riyals to 44.78 billion riyals, and the number of its shares increased from 3 billion to 4.478 billion fully paid shares.

And that after the National Bank and the Samba Financial Group have fulfilled the statutory conditions and the merger conditions agreed under the merger agreement concluded between the two banks, which are specified in the shareholders’ circular and the document of offer issued by the National Bank regarding the merger transaction.

new name

The National Bank also noted that following the entry into force of the merger transaction, the name of the bank changed from (National Commercial Bank) to (National Bank of Saudi Arabia) with effect from the date at which the merger took effect, based on the approval of the extraordinary general meeting of the bank on 07/17/1442 AH) corresponding to 03/01/2021 AD), and work is currently underway to complete the procedures for registering the new name to start using it officially.

Shareholders owning Samba Financial Group shares on the date of this announcement and registered in the register of Samba Financial Group shareholders with the Securities Depository Center Company (Edaa), at the end of the trading period on 08/22/1442 AH (corresponding to 04/04/2021 AD), will have the right to obtain a number (0.739) One share from the National Bank (the “Swap Factor”) for each share held in Samba Financial Group.

“Samba” not listed

According to what is stated in the timetable of important dates and main stages of the merger transaction contained in the shareholders’ circular, it is expected that the shares of Samba Financial Group will be canceled at Tadawul, and the compensation shares will be listed. and allocated for the benefit of Samba Financial Group shareholders who are entitled to it within a period not exceeding the sixth trading period following this announcement. An announcement will be made when this is complete, the statement said.