KARACHI: Samba Bank Limited has received firm intention from a consortium through its manager to the offer, Arif Habib Limited, to acquire control of 852.040 million voting shares, representing 84.51 percent of paid up capital of the bank.

According to material information sent to Pakistan Stock Exchange on Tuesday, Samba Bank Limited has received firm intention from consortium comprising the participating members of the management of Samba Bank Limited, Fatima Fertilizer Company Limited and Gulf Islamic Investment LLC through its manager to the offer, Arif Habib Limited, to acquire control 852,040,531 voting shares representing 84.51 percent of paid up capital of the target company beyond the thresholds prescribed under Section 111 of the Act.

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This intention has been notified to the Board of Directors of the Samba Bank Limited on December 21, 2021.

Copyright Business Recorder, 2021