AKBL appoints Topline Securities to acquire 84.51% of issued capital of SBL

February 07, 2022 (MLN): Askari Bank Limited (AKBL) has appointed Topline Securities as the manager to the offer to acquire up to 84.51% of issued and paid-up capital along with management control of Samba Bank Limited (SBL), a notice issued to Exchange showed today.

Being a manager to offer, Topline Securities would publish the Public Announcement of Intention (PAI) to acquire the aforementioned offer in newspapers by February 8, 2022.

The same day, the State Bank of Pakistan (SBP) had granted in-principle approval to conduct Due Diligence of Samba Bank Limited (SBL) to the Management Consortium comprising the participating members of the Management of SBL, Fatima Fertilizer Company Limited, and Gulf Islamic Investments LLC.

Similarly, United Bank Limited (UBL) had also submitted a PAI to acquire up to 84.51% of the total issued and paid-up capital together with management control of SBL.

Last year, Saudi National Bank (SNB), as the immediate parent company of SBL, had notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring.

Copyright Mettis Link News