Aga Khan Fund to Acquire Additional Shares of HBL Worth Rs. 3.47 Billion

Habib Bank Limited (HBL) announced on Wednesday that the Aga Khan Fund for Economic Development (AKFED) has expressed its intention to purchase additional shares of the bank amounting to Rs. 3.47 billion from the open market.

In a notice to the Pakistan Stock Exchange (PSX), the bank said AKFED has informed the bank of its intention to acquire additional shares of HBL from the open market, by utilizing the accumulated dividends that have not been repatriated, amounting to Rs. 3.472 billion.

The notice said that the said purchase of HBL shares will be in accordance with applicable regulatory approvals.

It is pertinent to mention here that back in May, HBL announced that its sponsor, the Aga Khan Fund for Economic Development, has shown its interest to buy additional shares in the bank against an investment of Rs. 3.53 billion.

AKFED is a for-profit international development agency that seeks to create economic capacity and opportunity in specific regions of the developing world. Its financial service institutions, some of which date back nearly 70 years, include commercial banks, microfinance banks, insurance companies, and property development and management companies in nine countries, some of which are listed on local stock exchanges.

AKFED operates as a network of affiliates, with more than 90 separate project companies employing over 55,000 people. In 2021, it had group revenues of approximately $4 billion.

HBL declared a consolidated profit after tax (PAT) of Rs. 26.33 billion for the half year ended June 30, 2023, up 117.5 percent YoY as compared to Rs. 12.1 billion recorded in the same period last year.

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