Natwest Markets, Banco Santander sell #Saudi British Bank shares -term sheet | ZAWYA MENA Edition

Natwest Markets, Banco Santander sell Saudi British Bank shares -term sheet | ZAWYA MENA Edition:

Natwest Markets and Banco Santander are selling around 25 million shares in Saudi British Bank (SABB), or about 1.25% of the company, according to a term sheet seen by Reuters.

SABB last traded at 26.85 riyals on Wednesday, valuing the shares at 670 million Saudi riyals ($178.64 million).

The shares may be sold to institutional investors inside and outside the Saudi Arabia, including to institutional investors outside the United States in accordance with Regulation S under the U.S. Securities Act, the term sheet said.

Citigroup and Goldman Sachs are joint book-runners and joint brokers for the deal, the term sheet said, which did not indicate the selling price.

HSBC owns a 29.2% stake in SABB, according to Refinitiv data.

Under the terms of the deal, Natwest Markets and Banco Santander have agreed not to dispose of any remaining shares they own in SABB for at least 90 days, the sheet said.