MCB Bank sells its 17.6 percent shares in KBL

MCB Bank has sold 17.6 percent shares owned by it in Khushhali Bank Limited (KBL) in line with UBL consortium's bid of Rs 20.44 (approximately) per share and in accordance with regulatory approvals. According to an information sent to Karachi Stock Exchange on Monday, MCB Bank Limited has entered into and executed a Share Purchase Agreement with United Bank Limited consortium.
The United Bank Limited consortium comprises of United Bank Limited, ASN-NOVIB Microkredietfonds, responsAbility Global Mircrofinance Fund, Rural Impulse Fund II S A SICAV-FIS and ShoreCap II Limited. "In terms of the agreement, the company has sold 17.6 percent shares owned by it in Khushhali Bank Limited (KBL) in line with UBL consortium's bid of Rs 20.44 (approximately) per share and in accordance with regulatory approvals," it said.