Noor Financial Company to divest 9.59 percent of its holdings in Meezan Bank

According to a bourse filing, Noor Financial Investment Company has decided to divest 9.59 percent shareholding in Meezan Bank Limited (MEBL).

“Noor Financial Investment Company (currently owning 522,033,439 ordinary shares in Meezan (representing approximately 49.11% of the issued and paid up capital of Meezan)) is in preliminary non-binding discussions with foreign institutional investors for a proposed divestment of 101,900,000 ordinary shares in Meezan, constituting a total of 9.59% of the total issued and paid up capital of Meezan”, read the notice.

Furthermore, the company informed that, “Noor Financial Investment Company has requested Meezan Bank to approach State Bank of Pakistan for the unlocking of the Sale Shares to enable Noor Investments to consummate the Proposed Transaction”.

Kuwait’s Noor Financial Investment Company had been considering an equity sale in the Meezan Bank since 2017. The company had informed that it was weighing a potential sale of 49 percent stake in Pakistan’s largest Islamic lender.

Noor Financial Investment Company (Noor) is a Kuwaiti investment company, engaged in investment and financial activities primarily in Kuwait, the Middle East, Asia and other emerging markets. The company was established as the financial arm of the National Industries Group (NIG) and its equity at the end of 2004 was KWD 32.5 million (USD 112.1 million).