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Fatima Fertilizer approves plan to buy Samba Bank

samba

KARACHI: The board of directors of Fatima Fertilizer Company has approved the plan to acquire 84.51 percent stakes in Samba Bank Limited.

According to a notification issued to the Pakistan Stock Exchange (PSX) on Monday, the board also accorded approval for the company to conduct due diligence on the potential acquisition.

It may be mentioned here that the Saudi National Bank (SNB) has disclosed plans to offload 84.51 percent shares in Samba Bank Limited. The bank’s share was trading at Rs12.51 on Monday with Rs0.01 gain as compared to the last trading day’s closing.

Earlier in September a bourse filing by the SNB stated, “SNB (Saudi National Bank) is considering all its strategic options in relation to its shareholding in Samba Pakistan, including potential mergers, acquisitions, divestment and/or restructuring.”

It was not clarified whether the parent company of the Samba Bank, which is the fourth smallest among all listed lenders in terms of the total value of shares, wanted to sell its shareholding or acquire another bank to expand its footprint in the Pakistani market.

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