In a notice sent to the Pakistan Stock Exchange, the legal counsel of NIB (National Investment Bank) has announced that suit No.s 141 and 170 of 2017 opposing the amalgamation of NIB and Muslim Commercial Bank (MCB) have been withdrawn by the Plaintiffs.
Earlier in January 2017, a former employee of NIB Bank, Khawaja Iqbal, had disrupted the proceedings by obtaining a legal injunction to prevent the EOGM of the NIB Bank from taking place. The Singapore government-owned Temasek Holdings, the main shareholder of NIB Bank through its subsidiary Fullerton Financial Holdings Pte Ltd was likely to reach out to the Pakistani government through its embassy in Singapore for its support in the matter so that its rights and investments could be fully protected.
In December, 2016, NIB Bank Ltd had announced merger with MCB Bank through a share swap agreement. Amongst other reasons, the board and major shareholders of NIB Bank had taken this unanimous decision to cull the Bank’s significant losses.
The stock for NIB closed at Rs 1.57Â Â Â after registering a decrease of Rs0.01 (0.64pc) while the stock for MCB closed at Rs221.20Â after increasing Rs1.50 (0.68pc) on Monday.
