KARACHI: On Monday, Bank Alfalah Ltd. (BAFL) declared its plan to buy out Samba Bank Ltd. in its entirety.
The Pakistan Stock Exchange (PSX) received notice of this information from the BAFL.
In compliance with the aforementioned provisions of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the notice stated, “We would like to inform that Arif Habib Ltd, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51 per cent shares of the target company, held by Saudi National Bank, on behalf of the acquirer.”
A month prior, the BAFL declared its plan to purchase Samba Bank. For a number of years, Pakistan’s banking industry has seen an increase in Arab investment. In 2023, Bank Alfalah’s total profit after taxes increased by 96% to Rs36.09 billion.
