Bank Alfalah Limited (PSX: BAFL) has recently declared its intention, via its appointed manager, to acquire a significant 84.5 percent stake in Samba Bank Limited (Samba), as disclosed by the bank in its official communication to the main stock exchange.
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The announcement, made through Arif Habib Limited acting as the Manager to the Offer, signifies the submission of a public notice of intent to purchase up to 84.51% of Samba’s shares from Saudi National Bank, on behalf of the Acquirer. This action aligns with the regulations outlined in the Securities Act of 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations of 2017, as stated in the stock filing.
This strategic move follows BAFL’s earlier non-binding indicative offer to SNB in March 2024, signaling its initial interest in acquiring Samba. The proposed acquisition encompasses a substantial 84.51 percent shareholding in Samba, contingent upon several conditions. These conditions include the completion of satisfactory due diligence, the finalization of definitive agreements, internal corporate approvals, securing all requisite regulatory authorizations, and adherence to pertinent legal and regulatory protocols.
As of the latest filing, BAFL’s stock was trading at Rs. 53.36 on the stock exchange, reflecting a marginal increase of Rs. 0.01 or 0.02 percent. Conversely, SBL’s stock was priced at Rs. 12, indicating a slight decline of Rs. 0.02 or 0.17 percent.
This strategic initiative underscores Bank Alfalah Limited’s pursuit of enhancing its market position and portfolio through targeted acquisitions, while also demonstrating its commitment to leveraging growth opportunities within the financial sector.