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Saudi National Bank (SNB) has ended the process of selling its equity share in Samba Pakistan. Samba Bank, a branch of SNB, sent the news to the Pakistan Stock Exchange (PSX) on Tuesday.
According to the notice, “We have been notified that after completion of due diligence and an exploration for the sale of its shares in Samba Bank Limited (Samba Pakistan), the Saudi National Bank, as the majority shareholder of Samba Pakistan are terminating the process for the sale of SNB’s equity stake in Samba Pakistan.”
One of the biggest commercial banks in Pakistan, Bank Alfalah Limited (BAFL), made a public announcement in April about its plan to purchase a majority share in Samba Bank Limited.
A notice was published stating that M/s Arif Habib Limited, the manager of the offer, had publicly announced their intention to acquire up to 84.51% of the target company’s shares, which Saudi National Bank currently holds. This was done on behalf of the acquirer.
In May, the State Bank of Pakistan (SBP) approved BAFL to perform due diligence on Samba Bank Limited after receiving BAFL’s submission.
In 2021, a group of people including Samba Bank Limited’s management, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC approached Samba Bank with the firm intention of acquiring 852.040 million voting shares, or 84.51% of the bank’s paid-up capital.
However, that agreement did not work out.
