Bugis Investments (Mauritius) Pte Limited, an investment management firm, has sold its entire stake (representing approximately 5.49% of its voting ordinary shares) in MCB Bank Limited (MCB) for Rs7.48 billion (around $33.5 million) to seven existing MCB shareholders.

In a notice to the Pakistan Stock Exchange (PSX) on Monday, MCB stated that Bugis Investments, a wholly-owned subsidiary of Fullerton Financial Holding Pte Limited, has transferred and sold all of the 65.02 million ordinary shares of a par value of Rs10 each held by it in MCB.

“The transaction has been completed today under a set of four Share Purchase Agreements at a purchase price of Rs115 per share, or an aggregate consideration of about Rs7.48 billion, with and in accordance with the terms of prior approvals granted by the State Bank of Pakistan and the Competition Commission of Pakistan,” the notice added.

Shoaib made acting President, CEO of MCB Bank

The shareholders comprise “three companies and four individuals, namely, Nishat Mills Limited (7,110,360 shares), Adamjee Insurance Company Limited (4,029,204 shares), Nishat Paper Products Company Limited (3,000,000 shares), Ammil Raza (4,842,812 shares), Mian Raza Mansha (12,933,084 shares), Naz Mansha (21,254,887 shares), and Mian Umer Mansha (11,850,600 shares)”.

Reacting to the development of a foreign investor pulling out its stake in a Pakistani company, an analyst, on condition of anonymity, said investor confidence remains dented.

"Foreign investors have been net sellers for a while," they told Business Recorder. "Looking at the country's macroeconomic situation, foreign investors' confidence is dented. This is reflected in bond prices."

Also read: