Noor Financial Investment Company successfully disinvests 2.49% of Meezan Bank

MG News | May 25, 2018 at 08:47 AM GMT+05:00

0:00

According to a filing on the bourse, Noor Financial Investment Company “has successfully consummated the disinvestment/sale of 26,447,000 ordinary shares in Meezan Bank, constituting 2.49% of total issued and paid up capital of Meezan to various foreign institutional investors at a purchase price of Rs.70/-share.”

Noor Financial Investment Company (MEBL) had earlier informed the exchange on 16th May, 2018 of its intention to divest more than 9.50 percent of its holdings in the Pakistan’s largest shariah-compliant lender and sixth largest bank.

The company is in “preliminary non-binding discussions with foreign institutional investors for a proposed divestment of 9.59% of the total issued and paid up capital of Meezan”, a filing with the Pakistan Stock Exchange dated May 16, 2018 read.

Towards such effect, the company had requested the State Bank to unblock the sale shares to enable Noor Financial to consummate the proposed transaction.

Noor’s stake in the bank was valued at $375 million in 2017.

Related News

Name	Price/Vol	%Chg/NChg
KSE100	158,692.88 185.84M	0.14% 227.82
ALLSHR	96,847.69 441.65M	0.30% 288.53
KSE30	48,289.08 108.53M	-0.09% -45.84
KMI30	229,297.80 78.86M	0.11% 242.45
KMIALLSHR	63,466.11 216.18M	0.36% 226.75
BKTi	44,419.34 30.24M	-0.48% -212.94
OGTi	31,368.10 3.47M	0.23% 72.34

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,295.00	111,785.00 108,025.00	665.00 0.60%
BRENT CRUDE	64.41	64.96 64.41	-0.51 -0.79%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.10 -1.35%
ROTTERDAM COAL MONTHLY	92.50	0.00 0.00	-0.20 -0.22%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	59.99	60.47 59.96	-0.49 -0.81%
SUGAR #11 WORLD	14.43	14.56 14.21	0.06 0.42%