Bugis Investments sells full stake in MCB Bank for Rs7.48 billion

KARACHI: Bugis Investments (Mauritius) Pte Limited, an investment management firm, has sold its entire 5.49 percent stake in MCB Bank Limited (MCB) for Rs7.48 billion to seven existing MCB shareholders, a statement said on Monday

The MCB said Bugis Investments, a wholly-owned subsidiary of Fullerton Financial Holding Pte Limited, has transferred and sold all of the 65.02 million ordinary shares of a par value of Rs10 each held by it in MCB.

“The transaction has been completed today under a set of four Share Purchase Agreements at a purchase price of Rs115 per share, or an aggregate consideration of about Rs7.48 billion, with and in accordance with the terms of prior approvals granted by the State Bank of Pakistan and the Competition Commission of Pakistan,” the bank said in a disclosure notice to Pakistan Stock Exchange.

The shareholders comprise “three companies and four individuals, namely,

Nishat Mills Limited (7,110,360 shares), Adamjee Insurance Company Limited (4,029,204 shares), Nishat Paper Products Company Limited (3,000,000 shares), Ammil Raza (4,842,812 shares), Mian Raza Mansha (12,933,084 shares), Naz Mansha (21,254,887 shares), and Mian Umer Mansha (11,850,600 shares)”.