Bank Alfalah withdraws bid for 84.51% stake in Samba Bank

MG News | November 14, 2024 at 11:23 AM GMT+05:00

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November 14, 2024 (MLN): Bank Alfalah Limited (BAFL) has withdrawn its earlier public announcement of intention to acquire Saudi National Bank's 84.51% shareholding in Samba Bank Limited (PSX: SBL).

Arif Habib Limited, as Manager to the Offer on behalf of BAFL, submitted the withdrawal, as per BAFL’s filing on the Pakistan Stock Exchange (PSX) today.

Interestingly, the State Bank of Pakistan (SBP) had granted its in-principle approval for BAFL to conduct due diligence on SBL for the proposed acquisition.

However, SNB, the majority shareholder of SBL has terminated the process for the sale of its equity stake.

The decision follows the completion of due diligence and exploration efforts related to the potential sale.

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