AKFED to increase stake in HBL with Rs3.47bn investment

MG News | August 02, 2023 at 03:10 PM GMT+05:00

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August 02, 2023 (MLN): Aga Khan Fund for Economic Development (AKFED) has informed Habib Bank Limited (PSX: HBL) vide its letter dated August 02, 2023, of its intention to acquire additional shares of HBL from the open market, by utilizing the accumulated dividends that have not been repatriated, amounting to Rs3.47 billion, HBL’s filing on PSX revealed today.

“The said purchase of HBL shares shall be in accordance with applicable regulatory approvals,” the notice reads.

HBL has issued this notice in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of the PSX.

At the time of writing, the share of HBL is being traded at Rs101.40, up by 4.75 rupees or 4.92% on the day.

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