Noor Financial Investment Company Divests Rs. 1.2 Billion from Meezan Bank

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Noor Financial Investment Company carried on with its divestment plans in Meezan Bank as it sold over 15.7 million to foreign investors, with a total value of Rs. 1.22 billion.

Noor Financial has successfully sold 15,750,000 shares of Meezan Bank Limited, comprising of 1.35% of the total issued shares and paid up capital of the Islamic bank. The name of the buyer is not disclosed by the shareholder.

In August, Noor Financial Investment divested around 9 million shares @ 78 Rs. per share. Noor Financial divested the amount of PKR 5.54 billion worth of shareholding till date.

The investor is looking further to divest its 69.7 million shares to foreign investors as it awaits the approval of State Bank through Meezan  Bank.

It had been in talks with six investors from EU and USA.

Meezan Bank has recorded brilliant results for the nine months period ended September 30, 2018.

Profit after tax increased to Rs 6,248 million from Rs 4,717 million in corresponding period last year. This depicts a healthy growth of 32%.

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