Mauritius based-Bugis Investment and their associate have decided to buy 25 percent share in a listed bank, NDLC-IFIC, locally known as NIB. According to a notice issued by the Karachi Stock Exchange (KSE), Bugis Investments (Mauritius) Ltd has agreed with Mima and Shafi Groups to acquire 15,363,012 shares of NIB from each of them, totalling 25 percent of the share capital of the NIB.
It is pertinent to note that Mima Group includes, besides other, Hub Leather Products (Pvt) Ltd and Universal Leather and Footwear Industries Ltd, while the Shafi Group consists of, besides others, Shafi (Pvt) Ltd, all of which are already associated companies and undertakings of the NIB.
The bank for the 9-month ended Sep 30, 2004 the profit after tax of NIB stood at Rs 73.363 million (Basic EPS after tax: Rs 0.5969).