Noor Financial Investment Company successfully disinvests 2.49% of Meezan Bank

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.