Islamabad, Nov 14: Bank Alfalah Withdraws Offer for Samba Bank Stake
Bank Alfalah Limited (PSX: BAFL) has retracted its public notice about acquiring an 84.5% stake in Samba Bank Limited (PSX: SBL), as disclosed in a filing with the Pakistan Stock Exchange on Thursday.
This move follows the Saudi National Bank’s decision to halt the sale of its shareholding in Samba Bank.
According to the announcement, the State Bank of Pakistan (SBP) had previously granted Bank Alfalah in-principal approval for conducting due diligence on Samba Bank, related to its intended acquisition of the 84.51% equity stake owned by Saudi National Bank (SNB).
However, the process was interrupted when SNB decided to terminate the sale of its shares in Samba.
As a result, Arif Habib Limited, acting as the Manager to the Offer for Bank Alfalah, has submitted an official withdrawal of the previously announced intention to acquire SNB’s majority stake in Samba Bank.
The filing made it clear that the intended acquisition would no longer proceed due to the termination of the sale process by SNB.
