FATIMA likely to acquire 84.5% shares of Samba Bank

MG News | December 20, 2021 at 01:33 PM GMT+05:00

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December 20, 2021 (MLN): The board of directors of Fatima Fertilizer Company Limited (FATIMA) has approved to evaluate and pursue (including as part of a consortium of parties) the potential acquisition of around 84.51% shareholding of Samba Bank Limited proposed to be sold by Saudi National Bank, including to conduct due diligence of the bank, the company informed through a notice to PSX today.

However, it is subject to obtaining the requisite permission of the State Bank of Pakistan (SBP) for the purposes of the same, appoint advisors and consultants, carry out necessary disclosures and regulatory steps/procedures, obtain regulatory approvals, and carry out negotiations.

Furthermore, the board authorized persons to take necessary actions and steps prior to the final approval of the board for the proposed transaction.

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