Mobilink Microfinance Bank moves to acquire Apna Microfinance Bank

Mobilink Microfinance Bank Limited has announced its intention to acquire shares and control of Apna Microfinance Bank Limited under Pakistan’s takeover regulations, according to a public announcement submitted through Arif Habib Limited.

The notice states that Arif Habib Limited has been appointed as the manager to the offer in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

Mobilink Microfinance Bank said it intends to acquire shares and control of Apna Microfinance Bank. If the transaction proceeds, a public offer will be made for at least 50% of the remaining voting shares of the target company in line with takeover regulations.

The exact number of shares and percentage to be acquired have not yet been determined and will be finalised after execution of a share purchase agreement.

The proposed acquisition remains subject to regulatory approvals, including clearance under applicable “fit and proper” criteria by relevant authorities. The announcement may be withdrawn if required approvals are not granted.

Mobilink Microfinance Bank is headquartered in Islamabad and is backed by VEON Ltd., a global telecom and digital operator and parent company of Jazz. The bank offers branchless banking services through partnerships with Pakistan Mobile Communications Limited and JC Fintech (Private) Limited.

According to the disclosure, Mobilink Microfinance Bank serves more than 57 million registered users and has been operating since 2012. VEON Microfinance Holdings B.V. holds 99.99% of the bank’s shares.

Mobilink Microfinance Bank was incorporated on November 29, 2010 and has authorised capital of Rs13.6 billion and paid-up capital of Rs4.13 billion.

Under takeover regulations, the public announcement of intention must be published in one English and one Urdu newspaper within two working days of the announcement.