Masraf Al Rayan and Al Khaliij Commercial Bank entered

 "Masraf-Al-Rayan-and-Al-Khalij-Commercial-Bank-entered-into-merge-agreement "

In a joint press release issued on Thursday, and following the announcement on 30 June 2020 of a potential merger (the "Merger"), Masraf Al Rayan ("Al Rayan") and Al Khalij Commercial Bank ("Al Khaliji") have announced that they have entered into a merger agreement on Jan. 7, 2021 (the "Merger Agreement"). Following the Merger, Al Khaliji business will be absorbed into the Al Rayan business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Sharia's principles.

Al Rayan will issue 0.50 Al Rayan shares for every Al Khaliji share, corresponding to a total of 1,800 million new shares issued to Al Khaliji shareholders. The exchange ratio implies a premium to Al Khaliji shareholders of 21.4% versus the share price before the board meeting announcement to discuss the merger (closing share price as of Jan.5, 2021) and 66.7% versus the share price before the announcement of the Initial negotiations regarding a potential merger (closing share price as of June 30, 2020).


 "Masraf-Al-Rayan-and-Al-Khalij-Commercial-Bank-entered-into-merge-agreement "

In a joint press release issued on Thursday, and following the announcement on 30 June 2020 of a potential merger (the "Merger"), Masraf Al Rayan ("Al Rayan") and Al Khalij Commercial Bank ("Al Khaliji") have announced that they have entered into a merger agreement on Jan. 7, 2021 (the "Merger Agreement"). Following the Merger, Al Khaliji business will be absorbed into the Al Rayan business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Sharia's principles.

Al Rayan will issue 0.50 Al Rayan shares for every Al Khaliji share, corresponding to a total of 1,800 million new shares issued to Al Khaliji shareholders. The exchange ratio implies a premium to Al Khaliji shareholders of 21.4% versus the share price before the board meeting announcement to discuss the merger (closing share price as of Jan.5, 2021) and 66.7% versus the share price before the announcement of the Initial negotiations regarding a potential merger (closing share price as of June 30, 2020).


2021-01-09 / Breaking-News
Read more
46 0 Updated: 2021-01-09 14:50:44 Listed: 2021-01-09 Report

Like & Unlike:

Comments