Noor Financial Divests Rs. 1.2 Billion from Meezan Bank

Noor Financial Investment Company continued with its divestment plans in Meezan Bank as it sold over 15.7 million shares to foreign investors at Rs 78 per share with a total value of Rs. 1.22 billion. According to its recent stock filing, Noor Financial successfully sold 15,750,000 shares of Meezan Bank Limited, constituting 1.35% of the total issued shares and paid-up capital of the Islamic bank. The shareholder did not disclose name of the buyer. Last time, Noor Financial Investment divested 9 million shares at the price of 78 per share in August. Overall, it divested an amount of Rs. 5.54 billion worth of shareholding to date. The investor is looking further to divest its 69.7 million shares to foreign investors as it sought the approval of central bank through Meezan Bank. It informed the exchange that it had been in talks with six investors from USA and EU. Its investment company, Meezan Bank has recorded excellent 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, reflecting a healthy growth of 32%.