Bank Alfalah Limited announced on Tuesday its intention to acquire up to 84.51% shares of the Samba Bank, held by Saudi National Bank.
As per Bank Alflah’s notice sent to the Pakistan Stock Exchange (PSX), Arif Habib Limited is the manager of the offer.
“We would like to inform that M/s Arif Habib Limited, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51% shares of the target company, held by Saudi National Bank, on behalf of the acquirer,” read Bank Alflah’s notice.
Saudi National Bank is the principal shareholder of Samba Bank Limited with 84.51%, which Bank Alfalah intends to acquire.
The public announcement of intention to acquire voting shares/control of Samba Bank is subject to obtaining the requisite regulatory approvals. This may be withdrawn, if the requisite approvals are not granted by the concerned regulatory authorities, read the notice.
Earlier, on March 29, 2024, Bank Alfalah submitted a non-binding indicative offer to Saudi National Bank (SNB), proposing to acquire its entire 84.51% stake in Samba Bank Pakistan.
SNB responded positively to the non-binding indicative offer, expressing willingness to consider Bank Alfalah’s proposal.
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