Kuwait's Noor Financial sells off Meezan Bank stake
Noor Financial Investment Company has decided to sell of its entire 49.11% stake in Meezan Bank Limited (MEBL), according to a notice issued on Wednesday. The 492.5 million bank shares will be purchased by Vision Financial Limited for $190 million, according to The News International.
Under the terms of the said deal, MEBL's shares are priced at PKR41 apiece. On Wednesday, the bank's minimum market price at the Karachi Stock Exchange (KSE) was pegged at PKR39.49 per share, the report detailed.
According to the said notice, Noor had finalized the agreements in relation to the deal. The stake sale will be finalized in 2014, pending approvals and legal processes in Pakistan, the report added.
MEBL benefits from being the first Islamic bank in Pakistan. It has the biggest branch network and product range among its local competitors. As of September 2013, the number of bank branches stood at 332 across 99 cities in Pakistan. Meezan Bank's deposits presently account for 35% of the country's total Islamic banking deposits. The said deposits also account for 34% of Pakistan's total Islamic banking assets, The News International reported.
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