Noor Financial Investment Company continued with its divestment plans in Meezan Bank as it sold over 27.23 million shares to foreign investors at Rs 74.30 per share with a total value of Rs. 2.02 billion.
According to its recent stock filing, Noor Financial successfully sold 27,230,000 shares of Meezan Bank Limited, constituting 2.56% of the total issued shares and paid-up capital of the Islamic bank. The shareholder did not disclose the name of the buyer.
Last month, the company sold over 36 million shares of Meezan Bank to foreign investors at a value of Rs. 2.61 billion constituting, a figure that constituted 2.56% of the shares, for Rs. 74.30 per share.
It also sold over 3 million shares of Meezan Bank, a couple of months ago, to foreign investors at a value of Rs. 211 million constituting, a figure that constituted 0.28% of the shares, for Rs. 70 per share.
Overall, it divested an amount of Rs. 4.84 billion or 6.24 percent shareholding to date.
Noor Financial Investment Company holds substantial stakes in Meezan Bank, with the firm holding 49.11% of the bank’s shares.
Earlier this year, it informed the stock 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 had been in talks with six investors from USA and EU.
There must be some agency which should check on who is buying the shares — hope its not an enemy of Pakistan who may later destabilize the economy.