Noor Financial divests another 3.4 percent in Meezan Bank Limited

According to a notice filed on the exchange, Meezan Bank Limited today announced that Noor Financial Investment has divested another 3.4 percent in the largest Islamic Bank.

“Noor Financial Investment Company has successfully consummated the divestment/sale of 36,164,255 ordinary shares in Meezan, constituting a total of 3.40% of the total issued and paid up capital of Meezan pursuant to which the Sales Shares have been acquired by various foreign institutional investors at a purchase price of Rs. 72/30 per share”, read the notice. The total divested amount by Noor Financial would amount to Rs. 2.614 billion.

Noor Financial Investment Company had earlier announced that it is currently looking to divest 9.59 (101,900,000 shares) percent of its total 49.11 percent (522,033,439 shares) holdings in Meezan Bank Limited. Noor had requested for permission from State Bank of Pakistan in 16^th of May, 2018.

Noor Financial has since then divested (26,447,000 @70/- share, 3,026,400 @ 70/- share and 36,164,255 @ 72.30 per share) a total of 65,637,255 shares in Meezan Bank with a total amount of Rs. 4.677 billion.