Noor Financial Investment Company sold out 13% of its overall shareholding in Meezan Bank to various foreign investors but it retains its top position, having major stakes in the Islamic bank.
The shareholding of the Noor Financial Investment Company reduced to 35% from 49%, as the investment company divested its ordinary shares to investors belonging to Europe and USA.
In 2018, the investment company divested 10.93% shareholding whereas it further offloaded its shareholding by 2.93% recently, totaling 13.8% so far.
The group initially planned to sell off its 9.59% stakes or 101 million shares to foreign investors though it revised its plan to continue its divestment plan with additional 5.97% shareholding constituting 69 million shares.
The group is likely to sell off its shareholding of over two percent going forward in accordance with its plans revealed in the notices issued to Pakistan Stock Exchange (PSX).
Noor Financial Investment Company is a Kuwaiti investment company engaged in investment and financial activities primarily in Kuwait, the Middle East, Asia, and other emerging markets. The company was established as the financing arm of the National Industries Group (NIG), which is one of the largest private sector industrial groups in Kuwait.
During 2018 to 2019, the share of Noor Financial Investment Company in the paid-up capital decreased from Rs. 5.22 billion to Rs. 4.46 billion.
Pakistan Kuwait Investment Company maintained its 30% stakes in the paid-up capital of Meezan Bank. It is the second major shareholder of the Islamic bank. Its shareholding value increased from Rs. 3.18 billion to Rs. 3.5 billion.
The shareholding of Islamic Development Bank Jeddah remains stood at 9.32%. The shares value in the paid-up capital increased from Rs. 991 million to Rs. 1.09 billion in the said period.
However, the shareholding of the other undisclosed shareholders almost doubled. It increased from Rs. 1.22 billion to Rs. 2.63 billion, showing an increase of shareholding from 11.5% to 22.5%.
The overall paid-up capital of the Meezan Bank also increased from Rs. 10.62 billion to Rs. 11.69 billion by the end of 2018.
The bank recorded a tremendous performance last year with double-digit profit growth of 42 percent. It booked a profit of $8.84 billion with asset value stood at Rs. 954 billion.