A consortium of shareholders intends to divest its 79.2 percent shareholding in Khushhali Bank Limited (KBL) along with transfer of management control (equity stake) to a strategic investor.
The strategic investor should have a minimum tangible net worth of Rs 1,000 million ($12 million) and if strategic investor is a consortium, the consortium should have a minimum aggregate tangible net worth of Rs 1,000 million ($12 million) and each consortium member should have a minimum tangible net worth of at least Rs 300 million ($3.5 million).
On receipt of formal EoIs from interested parties, the information on short listed potential bidders will be submitted to SBP for pre-qualification to participate in bidding process for acquisition of the equity stake. All pre-qualified bidders will be required to obtain clearance from SBP to conduct due diligence of KBL for potential acquisition of equity stake in accordance with applicable rules and regulations. The sellers’ consortium is represented and led by MCB Bank Limited.
This is as part of restructuring of KBL agreed between State Bank of Pakistan and KBL shareholders.
Following such clearance from SBP, pre-qualified bidders will be required to enter into a confidentiality agreement with the sellers consortium subject to which, they will be provided preliminary Information Memorandum (IM) on KBL, details of due diligence, bidding process along with expected timeline
Source Dailytimes
