U.S.-based financial services provider JPMorgan Chase & Co’s subsidiary plans to sell its minority stake in Saudi Investment Bank for 759.3 million riyals ($203 million).
JPMorgan said that the deal will divest its holding by selling its shares back to Saudi Investment Bank.
The company also noted that the firm has wound-down non-core holdings and projects over the past several years and this proposed sale is consistent with that consolidation effort.
Saudi Investment Bank said the investment move involves shares being sold at 13.50 riyals each. The shares were trading 0.4 percent up at 17.80 riyals just recently.