KARACHI: Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited, has received a nonbinding offer from Bank Alfalah Limited regarding the proposed divestment of SNB’s 100 percent stake in SBL Pakistan, which represents approximately 84.51 percent shares in Samba Pakistan.
The company’ in a filing on Pakistan Stock Exchange said the SNB has agreed to evaluate the non-binding offer and will invite Bank Alfalah Limited to conduct diligence on Samba Pakistan.
This process is subject to compliance with requirements under applicable law, including the execution of a non-disclosure agreement, issuance of a public announcement of intention by Bank Alfalah Limited under the Securities Act, 2015, and approval from the State Bank of Pakistan, it added. "Any decision related to the Potential Transaction will be subject to internal and regulatory
approvals, as well as the execution of definitive agreements."