Bank Alfalah buys Majority Shares in Samba Bank Ltd

In a notification sent to PSX at 29/03/2024, Bank Alfalah (BAFL) has announced that it indicated the offer to Saudi National Bank to acquire 100% shares in Samba Bank (SBL).

Here is what the announcement said:

Bank Alfalah Limited (BAFL) had made a Non-Binding indicative offer to Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (SBL), to acquire their 100% stake in Samba which constitutes approximately 84.51% shares in SBL, 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 including compliance with the Securities Act, 2015 and associated regulations.

The shares of BAFL were trading at Rs.53.84 at market close today.