Restructuring: Khushhali Bank plans to sell 79% stake
A consortium of shareholders of Khushhali Bank Limited (KBL) intends to sell their 79.2 per cent shareholding in the bank, along with transfer of management control, according to an announcement issued by the bank.
This is being done as part of the restructuring of KBL agreed between the State Bank of Pakistan (SBP) and KBL shareholders. The consortium is being represented and led by MCB Bank.
The strategic investor should have a minimum tangible net worth of Rs1 billion ($12 million) and if the investor is a consortium, it must have a minimum aggregate tangible net worth of Rs1 billion ($12 million) and each consortium member must have a minimum tangible net worth of at least Rs300 million ($3.5 million).
Interested parties have been asked to submit expressions of interest (EOIs) by April 21 to MCB Bank. Information about short-listed bidders will be submitted to SBP for pre-qualification to participate in the bidding process for acquisition of the stake.
All pre-qualified bidders will be required to obtain clearance from SBP to conduct due diligence of KBL for potential acquisition of equity stake in accordance with applicable rules and regulations.
Published in The Express Tribune, April 03rd, 2011.
COMMENTS (3)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ