KARACHI: Bank Alfalah Limited (BAFL) has withdrawn its public announcement of intention (PAI) to acquire 84.51 percent shareholding of Saudi National Bank (SNB) in Samba Bank Limited (SBL).

The State Bank of Pakistan (SBP) had granted Bank Alfalah Limited (BAFL) in-principle approval for the due diligence of Samba Bank Limited (Samba) in respect of the proposed acquisition by BAFL of SNB approximately 84.51 percent ordinary shares in Samba. However, SNB has, terminated the process for the sale of SNB’s equity stake in Samba.

“Consequently, Arif Habib Limited, as Manager to the Offer, on behalf of BAFL, has submitted the withdrawal of BAFL’s earlier public announcement of intention to acquire SNB’s shareholding in Samba,” material information sent to Pakistan Stock Exchange on Thursday said.

Copyright Business Recorder, 2024