Saudi National Bank terminates sale process of its stake in Samba Bank

MG News | May 18, 2022 at 04:22 PM GMT+05:00

0:00

May 18, 2022 (MLN): Saudi National Bank (SNB), being the parent company, has terminated the process for the sale of its stake in Samba Bank Limited (SBL) due to the prevailing uncertainty in the market.

The bank in a notice to Exchange said, “Following completion of due diligence and an exploration for the sale of its share in Samba Bank, SNB is terminating the process for the sale of its equity stake in Samba Bank Limited.”

The process has been terminated due to the considerable uncertainty in current market conditions, the notice added.

To recall, on 21 September, SNB, as the immediate parent company of Samba Bank Limited, had notified that it was considering all its strategic options in relation to its shareholding in SBL, including potential mergers, acquisitions, divestment, and/or restructuring.

After that, Fatima Fertilizer Company Limited (FATIMA), United Bank Limited (UBL), and Askari Bank Limited (AKBL) had shown interest for the acquisition of 84.51% shareholding of SBL, currently held by Saudi National Bank.

At the time of reporting this, the share price of Samba Bank stands at Rs11.04, down by 11.3% YTD.

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