Bank Alfalah Makes Bid to Acquire Majority Shares of Samba Bank

Bank Alfalah Limited (PSX: BAFL) through its manager to the offer has made a public announcement of intention to buy an 84.5 percent stake in Samba Bank Limited (Samba), the bank informed the main bourse. “Arif Habib Limited, Manager to the Offer, has submitted the public announcement of intention to acquire up to 84.51% shares of the Target Company, held by Saudi National Bank, on behalf of the Acquirer, in accordance with the said provisions of the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017,” the stock filing said. Earlier in March 2024, BAFL first made a Non-Binding indicative offer to SNB to buy Samba. The potential acquisition constitutes approximately 84.51 percent shares in Samba, subject to satisfactory due diligence, execution of definitive agreements, internal corporate approvals, obtaining all necessary regulatory approvals, and compliance with all applicable legal and regulatory procedures. At the time of filing, BAFL’s scrip at the bourse was Rs. 53.36, up by Rs. 0.01 or 0.02 percent and SBL’s scrip was Rs. 12, down by Rs. 0.02 or 0.17 percent.