Noor Financial divests another 3.4 pc in Meezan Bank Limited

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LAHORE: According to a notice filed on the exchange, Meezan Bank Limited today announced that Noor Financial Investment has divested another 3.4 per cent in Meezan Bank.

“Noor Financial Investment Company has successfully consummated the divestment/sale of 36,164,255 ordinary shares in Meezan, constituting a total of 3.40 per cent of the total issued and paid-up capital of Meezan pursuant to which the Sales Shares have been acquired by various foreign institutional investors at a purchase price of Rs72/30 per share”, read the notice. The total divested amount by Noor Financial would amount to Rs 2.614 billion.

Noor Financial Investment Company had earlier announced that it is currently looking to divest 9.59 (101,900,000 shares) per cent of its total 49.11 per cent (522,033,439 shares) holdings in Meezan Bank Limited. Noor had requested for permission from State Bank of Pakistan (SBP) on 16 May 2018.

Noor Financial has since then divested (26,447,000 @70/- share, 3,026,400 @ 70/- share and 36,164,255 @ 72.30 per share) a total of 65,637,255 shares in Meezan Bank with a total amount of Rs4.677 billion.