Noor Financial Sells Off Its 3 Million Shares of Meezan Bank
Noor Financial Investment Company has sold more than 3 million offers of Meezan Bank to remote speculators at an estimation of Rs. 211 million.
As indicated by the stock documenting, Noor Financial effectively stripped 3,026,400 common offers in Meezan Bank Limited constituting an aggregate of 0.28 percent of the aggregate issued and paid-up capital of Meezan Bank.
The notice further mentioned that the “Sale Shares have been acquired by various foreign institutional investors at a purchase price of PKR 70/- per share.”
The shareholder didn’t make the customer of the shares public, nevertheless, the amount of bought shares was decrease than anticipated and beneath the goal of the main investor of Meezan Financial institution.
Not long ago, Noor Financial educated the trading of its goal to strip in excess of 9.50 percent of its possessions in Pakistan’s biggest shariah-agreeable bank.
It educated the trade that it has effectively fulfilled the disinvestment/offer of 26,447,000 standard offers in Meezan Bank, constituting 2.49% of the aggregate issued and paid-up capital of Meezan Bank to outside institutional financial specialists at a price tag of Rs.70/ – share. It has been in converses with six speculators from USA and EU.
In November 2013, SBP rejected a similar demand of Noor Financial Investment Company for unblocking its deal shares kept up by the CDC account.
Vision Financial Holdings moved toward Noor Financial to purchase its whole offers of 522 million (49.1%) in Meezan Bank. The offer terminated later on April 15 2014. Noor Financial said that it wanted to offer its 49.1% stake in Meezan for $190 million and anticipated that would book a $24 million benefit from the arrangement