Noor Financial Investment Company has sold over 3 million shares of Meezan Bank to foreign investors at a value of Rs. 211 million.
According to the stock filing, Noor Financial successfully divested 3,026,400 ordinary shares in Meezan Bank Limited constituting a total of 0.28 percent of the total issued and paid-up capital of Meezan Bank.
The notice further mentioned that the “Sale Shares have been acquired by various foreign institutional investors at a purchase price of PKR 70/- per share.”
The shareholder did not make the buyer of the shares public, however, the volume of sold shares was lower than expected and below the target of the leading investor of Meezan Bank.
Earlier this year, Noor Financial informed the exchange of its intention to divest more than 9.50 percent of its holdings in Pakistan’s largest shariah-compliant bank.
It informed the exchange that it has successfully consummated the disinvestment/sale of 26,447,000 ordinary shares in Meezan Bank, constituting 2.49% of the total issued and paid-up capital of Meezan Bank to foreign institutional investors at a purchase price of Rs.70/-share. It has been in talks with six investors from USA and EU.
In November 2013, SBP rejected the same request of Noor Financial Investment Company for unblocking its sale shares maintained by the CDC account.
Vision Financial Holdings approached Noor Financial to buy its entire shares of 522 million (49.1%) in Meezan Bank. The offer expired later on April 15 2014. Noor Financial said that it planned to sell its 49.1% stake in Meezan for $190 million and expected to book a $24 million profit from the deal.