Bank of khyber: Ismail industries in management bid
The bank’s stock price rose five per cent to close at Rs6.70 during trade at the Karachi Stock Exchange.
KARACHI:
The board of directors of Ismail Industries Limited (ISIL) has given its in-principle approval to the company to submit an Expression of Interest with respect to the transfer of management of the Bank of Khyber (BoK), according to AKD Securities. The government of Khyber-Pakhtunkhwa intends to transfer the management of Bank of Khyber to a strategic investor with a 26 per cent shareholding in the bank. The provincial government also intends to divest a further 19 per cent of its shareholding in the bank while retaining 51 per cent of it. However, the Peshawar High Court has recently issued a stay order against the privatisation follow a petition from the bank’s Officer’s Association. Bank of Khyber will announce its full-year 2011 result tomorrow and is expected to post a net profit after tax of Rs1 billion, up 77% year-on-year. The bank’s stock price rose five per cent to close at Rs6.70 during trade at the Karachi Stock Exchange on Tuesday.
Published in The Express Tribune, March 7th, 2012.
The board of directors of Ismail Industries Limited (ISIL) has given its in-principle approval to the company to submit an Expression of Interest with respect to the transfer of management of the Bank of Khyber (BoK), according to AKD Securities. The government of Khyber-Pakhtunkhwa intends to transfer the management of Bank of Khyber to a strategic investor with a 26 per cent shareholding in the bank. The provincial government also intends to divest a further 19 per cent of its shareholding in the bank while retaining 51 per cent of it. However, the Peshawar High Court has recently issued a stay order against the privatisation follow a petition from the bank’s Officer’s Association. Bank of Khyber will announce its full-year 2011 result tomorrow and is expected to post a net profit after tax of Rs1 billion, up 77% year-on-year. The bank’s stock price rose five per cent to close at Rs6.70 during trade at the Karachi Stock Exchange on Tuesday.
Published in The Express Tribune, March 7th, 2012.