Investors' consortium gets SBP’s approval to conduct due diligence for majority stake in Samba bank

February 4, 2022 (MLN): The State Bank of Pakistan (SBP) has granted in-principle approval to conduct Due Diligence of Samba Bank Limited (SBL) to the Management Consortium comprising the participating members of the Management of SBL, Fatima Fertilizer Company Limited, and Gulf Islamic Investments LLC, a notice issued to exchange showed today.

To recall, on December 28, the Consortium submitted a public announcement of intention (PAI) for the potential acquisition of the majority shareholding (i.e., approximately 84.51%) of SBL, proposed to be sold by Saudi National Bank.

Yesterday, United Bank Limited (UBL) also submitted a Public Announcement of Intention (PAI) to acquire up to 852,040,531 ordinary shares of Samba Bank Limited (SBL).

Askari Bank Limited (AKBL) had also shown interest to acquire 84.51% shares of SBL and in this regard, it obtained in-principle approval of SBP to commence the due diligence activities.

Last year, Saudi National Bank (SNB), as the immediate parent company of SBL, had notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring.

At the time of writing this, the stock of SBL is trading at a price of Rs12.8, up 1.59% DoD.

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