SBP approval sought for Meezan Bank’s stake sale

KARACHI: Kuwait-based Noor Financial Investment Company (NFIC) plans to sell 9.59 percent of its 49.11 percent stake in Meezan Bank Limited (MEBL), seeking approval from the State Bank of Pakistan, a statement said Wednesday.

The MEBL in statement to Pakistan Stock Exchange said the company owns 522.033 million shares in the bank representing 49.11 of the issued and paid-up capital, lying in a blocked account maintained by Central Depository Company (CDC).

The bank said the NFIC was in preliminary non-binding discussions with foreign institutional investors for a proposed divestment of 101.900 million shares in Meezan Bank, constituting 9.59 percent of the total issued and paid-up capital of the sale shares.

It said in view of the foregoing, the NFIC had asked the bank to approach the central bank for unblocking of the sales shares held in the CDC to enable the company to finalise the proposed transaction.

The NFIC engages in the investment and financial activities in Kuwait, the Middle East, Asia, and internationally. It operates through four segments: investments, real estate, IT services, and hotel operations. The company provides public placement and private placement advisory services for financial institutions, corporates, and high net worth families; and products and advisory services to third party clients, such as private equity, mergers and acquisitions, valuations, primary and secondary placement, consortium and alliances, and restructuring. It also offers wealth management services, including management of limited investments to balance sheets manage.