Mobilink Microfinance Bank Limited has announced its intention to acquire shares and gain control of Apna Microfinance Bank Limited, according to a notification submitted by Arif Habib Limited (HAL) to the Pakistan Stock Exchange (PSX).
In this regard, AHL has been appointed as the Manager to the Offer for the proposed transaction.
The announcement has been made in accordance with the provisions of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
On behalf of the acquiring bank, Arif Habib Limited submitted a Public Announcement of Intention (PAI) to acquire voting shares and control of Apna Microfinance Bank.
As required under the regulations, the Public Announcement of Intention will also be published in one English-language and one Urdu-language newspaper within two working days of the notification.
The filing marks the formal start of the takeover process, although further details regarding the size of the stake and financial terms of the acquisition are yet to be disclosed.
