RIYADH: The Saudi British Bank, known as SABB, is to sell its entire stake in Wataniya Insurance Co. at a value of SR80 million ($21.3 million) to the Private Wealth Investment Holding Co., PWI Holding.
Under the agreement, the transferred stake represents 20 percent of Wataniya Insurance’s capital, compromising a total of 4 million ordinary shares.
The bank said in a bourse statement that it does not expect the transaction to have any impact on its operations.
It added that that the proceeds from the sale will be used for “general corporate purposes”.
