November 15, 2019 (MLN): The Independent Directors of Bank Al Habib have negotiated and finalized the deal terms for proposed acquisition of the remaining 70% of the issued and paid-up share capital of Habib Asset Management Company Limited (HAML).
To recall, the Board of Directors of BAHL had resolved to acquire the remaining 70% of the share capital of HAML from the remaining shareholders back in October.
According to the latest notification issued by the bank in this regard, BAHL shall acquire Twenty-One Million ordinary shares of HAML at a price of Rs.7.25 per share, aggregating to Rs. 152,250,000.
Furthermore, upon completion of the acquisition of the 70% shares, the Bank shall inject additional equity amounting up to Rs. 450,000,000 into HAML in order to meet the minimum equity requirements prescribed by the Securities and Exchange Commission of Pakistan and to further support the operations of HAML.
BAHL had also recently announced its financial results for the nine months ended on September 30, 2019, wherein it declared net earnings of Rs. 6.9 billion (EPS: Rs. 6.3), i.e. nearly 17.7% higher than the profits of same period last year.
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