Bank Alfa­lah withdraws offer to buy Samba Bank

KARACHI: Bank Alfa­lah on Thursday informed its shareholders that it has withdrawn its offer to acquire Samba Bank (SNB).

In a stock filing, Bank Alfalah said it had withdrawn its public announce­ment of intention (PAI) to acquire a majority stake in Samba Bank Ltd. “The State Bank of Pakistan (SBP) had granted BAFL in-principle approval for the due diligence of Samba concerning the proposed acquisition by BAFL of SNB’s approximately 84.51 per cent ordinary shares in Samba,” said the notice.

“However, SNB has terminated the process for selling 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,” BAF notice said.

On Tuesday, Saudi National Bank terminated the process for the sale of its equity stake in its subsidiary Samba Pakistan. “We have been notified that after completion of due diligence and an exploration for the sale of its shares in Samba Bank Ltd (Samba Pakistan), the Saudi National Bank, as the majority shareholder of Samba Pakis­tan, is terminating the process for the sale of SNB’s equity stake in Samba Pakistan,” Samba said in a notice to the PSX.

Published in Dawn, November 15th, 2024