KARACHI: The board of directors of Fatima Fertilizer Company (FFC) Limited has approved to evaluate and pursue the potential acquisition of around 84.51 percent shareholding of Samba Bank Limited proposed to be sold by Saudi National Bank.

According to material information sent to Pakistan Stock Exchange on Monday, the board of directors of Fatima Fertilizer Limited has accorded in-principle approval to the Company to evaluate and pursue (including as part of a consortium of parties) the potential acquisition of the majority shareholding (i.e. approximately 84.51 percent) of Samba Bank Limited proposed to be sold by Saudi National Bank, including to conduct a due diligence of the bank, subject to obtaining the requisite permission of the State Bank of Pakistan for the purpose of the same, appoint advisors and consultants, carry out necessary disclosures and regulatory steps/procedures, obtain regulatory approvals and carry out negotiations.

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Furthermore, the Board authorized persons to take necessary actions and steps prior to final approval of the Board for the proposed transaction.

Copyright Business Recorder, 2021