Bank Alfalah Limited (PSX: BAFL) has withdrawn its public announcement of intention to buy an 84.5 percent stake in Samba Bank Limited (PSX: SBL), the bank informed the main bourse on Thursday.
This withdrawal comes after Saudi National Bank terminated the process for the sale of its equity in the bank.
The filing stated, “State Bank of Pakistan (SBP) had granted Bank Alfalah Limited (BAFL) in-principle approval for the due diligence of Samba Bank Limited (Samba) in respect of the proposed acquisition by BAFL of Saudi National Bank’s (SNB) approximately 84.51 percent ordinary shares in Samba. However, SNB has terminated the process for the sale of SNB’s equity stake in Samba”.
“Consequently, Arif Habib Limited, as Manager to the Offer, on behalf of BAFL, has submitted the withdrawal of BAFL’s earlier public announcement of intention to acquire SNB’s shareholding in Samba,’ the filing added.
Pump and dump.