Country's largest financial conglomerate, Pakistan Industrial Credit and Investment Corporation (Picic) has been sold. Considered to be the biggest deal amounting to US $350 million being the sale proceeds of Picic was approved by NIB bank and Tamasic Group of Singapore.
According to a source the board of directors of NIB bank gave approval to the sale purchase agreement with the largest existing shareholders of Picic. In the stock market more than 15 million shares of Picic were traded on Thursday and at closing the shares were locked at a price of Rs 74.
It is learnt that the deal was finalised between Tamasic Group and Picic shareholders at Rs 78.50 per share. As per the Security Exchange Regulations NIB bank will now go for public tender of shares at Rs 78.50. The public offering is expected to be announced on May 25.
With this acquisition Tamasic Group will hold about 65 to 66 percent shares. The second largest shareholder is State Life Insurance Corporation with about 20 percent shares. With the sale of Picic, the management of Picic Commercial Bank, Picic Asset Management Company and Fund will also change.
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