KARACHI: Habib Bank Limited (HBL) has announced that its Sponsor Aga Khan Fund for Economic Development (AKFED) intends to acquire share of HBL from open market by utilizing the accumulated dividend that have not been repatriated amounting to Rs 3.5 billion.

“Aga Khan Fund of Economic Development (AKFED) has informed Habib Bank Limited (HBL) of its intention to acquire additional share of the HBL from the open market, by utilizing the accumulated dividends that have not been repatriated, amounting to over Rs 3,534,747,825”, material information sent to Pakistan Stock Exchange on Tuesday said.

“The move comes as State Bank of Pakistan (SBP) does not allow repatriation of dividends due to low level of Foreign Exchange reserves, we think”, an analyst at Topline Securities said. However, regulator allows funds to be used within Pakistan to avoid net out flow of USD, he added.

Copyright Business Recorder, 2023