According to MCB’s stock filing, the private sector bank has signed a sale purchase agreement with ISE Towers RIET Management Company and its nominee co-purchaser Infotech Private Limited.
The agreement has been reached to sell out 100 percent stakes of MCB Financial Services Limited at the share price of 32.53 per share.
The bank’s management will seek the approval from the regulatory body and its shareholders to seal the deal under the section 83 of the Companies Act, 2017.
MCB Financial Services Limited has become the second-largest collective investment scheme trustee in the country. MCBFSL Trustee with the country’s leading asset management companies taking a total of 31 funds under trusteeship and custodian of 31 custody clients.
MCBFSL was formed and incorporated as a non-listed public limited company and was licensed by the Securities & Exchange Commission of Pakistan (SECP) for business under the Rules and Regulations of the regulatory bodies of Pakistan.
The company provides custody services to various clients and Asset Management Companies for their SMA clients (Separately Managed Accounts of AMCs). This activity is undertaken separately from Trustee operations whereby dedicated staff ensures the safe custody and movement of physical securities and data. For this purpose, a proper vault and filing area is in place for the important documents.
Its core business also includes receipt and delivery of securities against payment, both in script-less and physical form.
