The NIB Bank is considering disinvesting its equity stakes in its wholly-owned subsidiary the PICIC Asset Management Company (PICIC-AMC), it emerged Wednesday. According to material information the bank shared with its stakeholders at the country''s three stock exchanges, the bank received interest from a few parties in potentially acquiring its share holdings in PICIC-AMC.
A bank spokesman refused to give details of the transaction saying it was all what was disclosed to the stock exchanges under the Code of Corporate Governance, listing regulations and Section 15D of Securities and Exchange Ordinance 1969. "The management of the bank is currently evaluating the feasibility of pursuing a transaction for possible disinvestment of its equity stake," the bank notice read. Any such move, it said would however be subject to the approval of the banks'' board and regulators.
Source: Business Recorder
