According to its recent stock filing, Noor Financial successfully sold 36164255 shares of Meezan Bank Limited, constituting 3.4% of the total issued shares and paid-up capital of the Islamic bank.
The shareholder did not make the buyer of the shares public. However, the volume of sold shares was higher than the expected target of the leading investor of Meezan Bank.
Some three months ago, the company sold over 3 million shares of Meezan Bank to foreign investors at a value of 211 million rupees constituting, a figure that constituted 0.28% of the shares, for 70 rupees per share. Overall, it divested an amount of 2.821 billion rupees or 3.68 percent shareholding to date.
Noor Financial Investment Company holds substantial stakes in Meezan Bank, with the firm holding 49.11% of the bank’s shares.
Earlier this year, it informed the Stock Exchange of its intention to divest more than 9.50 percent of its holdings in Pakistan’s largest Shariah-compliant bank.
It informed the exchange that it has successfully consummated the disinvestment/sale of 26447000 ordinary shares in Meezan Bank, constituting 2.49% of the total issued and paid-up capital of Meezan Bank to foreign institutional investors at a purchase price of Rupees 70 per share. It had been in talks with six investors from U S A and E U.
In November 2013, S B P rejected the request of Noor Financial Investment Company for unblocking its sale of shares maintained by the C D C account.
Vision Financial Holdings approached Noor Financial to buy its entire shares of 522 million (49.1%) in Meezan Bank. The offer expired later on April 15 2014. Noor Financial said that it planned to sell its 49.1% stake in Meezan for 190 million dollar and expected to book a 24 million dollar profit from the deal.