Vision Financial Holding Limited (VFHL) intends to acquire 49.11 percent shares of Meezan Bank Limited. Meezan Bank, one of the fastest growing banks in Pakistan, has been recognised as the best Islamic bank in Pakistan by various local and international institutions over the past several years.
Intention of VFHL was learnt through an information sent to Karachi Stock Exchange by KASB Securities, as required under regulation 6(4) of the listed companies (substantial Acquisition of Voting Shares and Take-overs) Regulations 2008, and in capacity as manager to the offer, that says it is pleased to submit the Public Announcement of Intention by Vision Financial Holding Limited to acquire the shares of Maeezan Bank. However, this deal will be subject to the grant of requisite approvals from the State Bank of Pakistan (SBP), the Competition Commission of Pakistan (CCP) and other government agencies and regulatory authorities, it added.
Sources in banking sector told Business Recorder that VFHL is negotiating with a major sponsor of the Meezan Bank to acquire its holding in the bank. "VFHL is planning to acquire complete holding of Noor Financial Investment Company, which has 49.11 percent holding, in Meezan Bank, presently, they added. VFHL intends to acquire 493,484,378 ordinary shares (constituting 49.11 percent of the total issued and paid up share capital) of the Meezan Bank subject to appropriate regulatory approvals.
Noor Financial Investment Company, Kuwait, is the major shareholder in Meezan Bank with 49.11 percent holding, while Pakistan Kuwait Investment Company Limited 30 percent and Islamic Development Bank, Jeddah has a holding of 9.32 percent. Total no of issued shares stood at 1,002,737,895 ordinary shares of Rs 10 each. Meezan Bank completed ten years of operations in 2012 and has progressively grown to become the country''s 8th largest bank in terms of branch network. It has earned Profit-after-tax- of Rs 3.5 billion in 2012 compared to Rs 3.4 billion recorded in CY12. The Earnings per Share (EPS) increased to Rs 3.88 from Rs 3.75 for 2011.
The Bank opened 35 branches in 2012, bringing its branch network to 310 in 90 cities across Pakistan. The Bank offers a complete range of Islamic banking products and services through a retail banking network supported by 24/7 banking services that include over 240 ATMs, Internet Banking and a 24-hour Call Center.
Source: Business Recorder
