The board of directors of NIB Bank Limited has approved in principle the proposed sale of 10,499,993 ordinary shares of the face value of Rs 10 each, of PICIC Insurance Limited to M/s Sakib Berjees and Consortium, at a price not less than Rs 8.20 per share. The NIB Bank, in an information sent to Karachi Stock Exchange here on Thursday said that the deal would be subject to all regulatory approvals and permissions as may be applicable in this case.
Source: Business Recorder
Editors Note:
PICIC Insurance was incorporated in 2004 and is headquartered in Karachi, Pakistan. It provides general and personal insurance products and services. The business has been profitable earning revenues of PKR 260 million for the year ended 2011 with a net profit of PKR 11 million. The company had total equity of PKR 242 million with paid up capital of PKR 350 million with par value of PKR 10 per share.
On per share basis, the company had an EPS of 0.31 per share and book value of PKR 6.93 per share which would result in the proposed transaction conducted at a P/BV multiple is 1.18x and P/E multiple of 26x.
