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Noor exits $6m stake in Pakistan’s Meezan Bank

Noor exits $6m stake in Pakistan’s Meezan Bank
Noor currently owns 39.53% equity in Meezan Bank
NOOR
NOOR
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Mubasher: Noor Financial Investment announced selling 9 million shares or 0.85% of its equity ownership in Meezan Bank, Pakistan's first and largest Islamic bank.

The equity transaction is valued at $5.57 million or KWD 1.68 million, according to a bourse statement on Sunday.

Following this exit transaction, Noor currently owns 39.53% equity in Meezan Bank.

The financial impact of this transaction will be a profit of KWD 293,000 that will be registered in Noor’s income statements of the third quarter of 2018, in addition to an increase of KWD 648,000 in the shareholders’ equity rights.

In mid-July, Noor announced selling 27.23 million shares or 2.56% of its equity in Meezan Bank at a value of $15.76 million or KWD 4.77 million.