Stake: HBL acquires 14% shares of NJI

KARACHI: Habib Bank Limited (HBL) has so far acquired a total of 14.05 per cent shares of New Jubilee Insurance Company Ltd (NJI). According to a communiqué dispatched to Karachi Stock Exchange (KSE) here on Friday, the bank has acquired 4.362 million shares of NJI. It may be noted that HBL’s Annual General Meeting (AGM) on March 31, 2011 had accorded approval to increase bank’s share in NJI to 24.5 per cent of total issued and paid up capital of the insurance company. Similarly, the AGM had also given its approval to enhance HBL’s shareholding in Bank PHB, Nigeria to 30 per cent of the total issued and paid up capital of the African bank.

Published in The Express Tribune, May 28^th, 2011.