Bugis Investments sells 5.49% of MCB shares

December 12, 2022 (MLN): Bugis Investments (Mauritius) Pte Limited has transferred and sold all of the 65.02 million ordinary shares of MCB Bank Limited (MCB) which are equivalent to 5.49% of issued share capital to seven existing MCB shareholders.

The company in its notification issued to PSX stated that Bugis Investments is a wholly-owned subsidiary of Fullerton Financial Holding Pte Limited.

Furthermore, the shares sold by the company were held by it in MCB having a par value of Rs10 each.

Bugis Investments sold and transferred MCB shares to three companies and four individuals, namely, Nishat Mills Limited (7.11mn), Adamjee Insurance Company Limited (4.03mn), Nishat Paper Products Company Limited (3mn), Mrs. Ammil Raza (4.84mn), Mian Raza Mansha (12.93mn), Mrs. Naz Mansha (21.25mn), and Mian Umer Mansha (11.85mn) shares.

“The transaction has been completed today under a set of four share purchase agreements at a purchase price of Rs115 each, or an aggregate consideration of about Rs7.48 billion, with in accordance with the terms of prior approvals granted by the SBP and the Competition Commission of Pakistan”, the company added.

At the time of writing, the scrip of the company is being traded at Rs117.12, which is up by Rs0.64 or 0.54% DoD.

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