NatWest Markets Plc, Banco Santander S.A. to sell 5.6% of SABB

Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia announced receiving a notification from NatWest Markets Plc and Banco Santander S.A. about the proposed secondary sale of up to nearly 116 million ordinary shares. (Reuters/File Photo)
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Updated 01 December 2020

NatWest Markets Plc, Banco Santander S.A. to sell 5.6% of SABB

NatWest Markets Plc, Banco Santander S.A. to sell 5.6% of SABB
  • Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia are acting as joint bookrunners and joint brokers for the deal

DUBAI: Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia announced receiving a notification from NatWest Markets Plc and Banco Santander S.A. about the proposed secondary sale of up to nearly 116 million ordinary shares, or 5.6 percent of The Saudi British Bank (SABB).

Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia are acting as joint bookrunners and joint brokers for the deal.

HSBC Holdings B.V. and Olayan Saudi Investment Company Limited have showed interest in participating in the placing at a price of SAR 22.10 ($5.89) per share through purchasing 36.99 million and 42.37 million shares, respectively; highlighting the long-term strategic nature of their shareholdings in SABB.

The respective affiliates of the joint bookrunners, Citigroup Global Markets Limited and Goldman Sachs International, have agreed where applicable, following pricing of the sale, to acquire the shares from NatWest Markets Plc and Banco Santander S.A., by way of negotiated deals following which the shares will be sold at the offer price by Citigroup Global Markets Limited and Goldman Sachs International to end-investors through negotiated deals.

The initial sale of the shares to Citigroup Global Markets Limited and Goldman Sachs International and the onward sale of the shares to end-investors will each be recorded as separate trades on Tadawul.

The placing will launch immediately following this announcement.

The placing shares may be sold to institutional investors inside and outside the Kingdom of Saudi Arabia, including to institutional investors outside the US in accordance with Regulation S under the US Securities Act of 1933 and to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act.

Under the terms of the placing, Natwest Markets Plc and Banco Santander S.A. have agreed not to dispose of any remaining shares that they own in SABB for a period of at least 90 days.

The foregoing shall not apply to the sale of shares pursuant to the Placing, or a sale or transfer by Natwest Markets Plc and Banco Santander S.A. of equity securities of SABB, other than a sale or transfer involving a general or public offer or distribution of equity securities, provided that the buyer or transferee shall give a written undertaking to Citigroup Global Markets and Goldman Sachs International to comply with the above restrictions applicable to NatWest Markets Plc and Banco Santander S.A. for the remainder of the above lock-up period.

SABB will not receive any proceeds from the placing.

The transfer of shares remains subject to the results of the accelerated bookbuild process, the execution of the negotiated deals with the potential end-investors and the successful settlement of such transactions.

Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia will announce any further material developments, including the amount of shares, if any, being sold and the sale price thereof, the statement added.

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SABIC to begin construction of plastic recycling facility in the Netherlands

SABIC to begin construction of plastic recycling facility in the Netherlands
Updated 23 January 2021

SABIC to begin construction of plastic recycling facility in the Netherlands

SABIC to begin construction of plastic recycling facility in the Netherlands
  • The construction phase for the unit is expected to become operational in the second half of 2022
  • The project will be realized under a 50:50 joint venture

Saudi Basic Industries Corp. (SABIC) and Plastic Energy Ltd. announced plans to commence construction on the first commercial unit to produce its flagship certified circular polymers.

The construction phase for the unit, which will be located in the Netherlands, is expected to become operational in the second half of 2022.

The project will be realized under a 50:50 joint venture. It will be implemented with a top sector energy subsidy from the Ministry of Economic Affairs in the Netherlands.

The new unit will enable SABIC to significantly upscale the production of certified circular polymers to provide customers with greater access to sustainable materials which have been recycled, repurposed and produced in a way that can help protect our planet’s natural resources, while acting as a drop-in solution.