MCB acquires 30.06% shareholding of MCBAH

MG News | April 18, 2023 at 12:59 PM GMT+05:00

0:00

April 18, 2023 (MLN): MCB Bank Limited (PSX: MCB) has successfully acquired 21.66 million (30.06%) shareholding of MCB-Arif Habib Savings and Investments Limited (PSX: MCBAH), an associated company, at a price of Rs30/- per share from Arif Habib Corporation Limited (PSX: AHCL), the bank informed through a notice sent to the local bourse today.

"This is to update that after completing procedural formalities, the Shares have been purchased by MCB on April 18, 2023," the notice read.

To recall, on January 24, 2023, MCB announced its decision to purchase 21,66mn shares in MCBAH.

By virtue of the aforesaid transaction, MCB's shareholding in the issued and paid-up capital of the company has been increased from 36.95mn (51.33%) ordinary shares to 58.62mn (81.42%) ordinary shares while AHCL has disposed of its entire shareholding in the company.

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