High Court approves MCB's conversion of 39 branches to islamic banking

MG News | October 08, 2024 at 02:20 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

October 08, 2024 (MLN): The Lahore High Court has approved MCB Bank Limited's (PSX: MCB) Scheme of Compromises, Arrangements, and Reconstruction, which involves the demerger and conversion of 39 of the bank's branches into Islamic banking branches.

Accordingly, these demerged entities will be merged with and into MCB Islamic Bank Limited (MIB) and the merger will be facilitated by cash on the effective date against payment of cash consideration.

The Effective Date of the Scheme is the close of business on November 15, 2024.

It is worth noting that MIB is a wholly-owned subsidiary of MCB.

Copyright Mettis Link News

Related News

Weekly Market Roundup

PSX Closing Bell: From Green Dreams to Red Reality

K-Electric reaffirms ‘AA/A1+’ ratings with stable outlook

Name	Price/Vol	%Chg/NChg
KSE100	165,596.07 264.75M	-0.54% -902.76
ALLSHR	100,017.71 623.24M	-0.46% -463.69
KSE30	49,464.92 86.97M	-0.60% -299.08
KMI30	238,952.40 97.00M	-0.58% -1388.16
KMIALLSHR	65,314.16 323.73M	-0.44% -285.47
BKTi	44,788.98 46.84M	-0.77% -347.65
OGTi	35,107.09 7.04M	-0.41% -145.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	76,875.00	78,495.00 76,735.00	-2335.00 -2.95%
BRENT CRUDE	111.35	112.00 109.62	2.09 1.91%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-7.25 -6.18%
ROTTERDAM COAL MONTHLY	109.00	0.00 0.00	-0.20 -0.18%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	103.26	104.37 101.57	2.24 2.22%
SUGAR #11 WORLD	14.78	0.00 0.00	-0.02 -0.14%