August 20, 2017 / 6:32 AM / a month ago

BRIEF-Saudi British Bank to buy HSBC's stake in SABB Takaful

Aug 20 (Reuters) - SAUDI BRITISH BANK

* ANNOUNCES ITS ENTRY INTO SHARE PURCHASE AGREEMENT WITH HSBC TO BUY ENTIRETY OF HSBC 32.5 PERCENT STAKE IN SABB TAKAFUL

* TO BUY HSBC COMBINED 32.5 PERCENT SHAREHOLDING IN SABB TAKAFUL AT 10.66 RIYAL PER SHARE TOTALING 118 MILLION RIYALS

* COMPLETION OF TRANSACTION IS SUBJECT TO REGULATORY APPROVALS, APPROVAL OF GENERAL ASSEMBLY WHICH WILL BE HELD AS SOON AS POSSIBLE

* COMPLETION OF TRANSACTION, SABB WOULD OWN 65 PERCENT OF SHARE CAPITAL OF SABB TAKAFUL Source text for Eikon: Further company coverage:

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