International Finance Corporation (IFC) has divested over Rs. 2.2 billion from Bank Alfalah.
According to the stock filing, the IFC has sold its 72 million shares to Bank Alfalah as of its announcement to buy back shares from minority shareholders.
Before the divestment, IFC had a stake of 14.74 percent in Bank Alfalah which constituted 261 million shares in the bank.
In 2014, IFC, a member of the World Bank Group, invested $67 million in Bank Alfalah to help expand access to finance for smaller businesses, spurring economic growth and job creation. IFC’s equity investment will help the bank grow its operations, increase lending for SMEs and into the agri-sector, as well as into new areas like sustainable energy finance.
Recently, the board of the bank announced to purchase of up to 200 million ordinary shares (constituting up to 11.25 percent of the current issued and paid-up share capital) of the bank at the face value of Rs. 10 per share.
IFC purchased shares at an average of Rs. 30 per share from Bank Alfalah.
