Nishat increases shareholding in MCB Bank
The Nishat Group said on Monday it has increased its shareholding in MCB Bank by purchasing more than 65 million shares from one of the bank’s foreign shareholders, Bugis Investments Ltd. MCB Bank’s seven existing shareholders — three companies and four individuals — have acquired the shares from Bugis, a wholly owned subsidiary of Fullerton Financial Holdings Ltd. The foreign investor sold were sold over 65m shares equalling 5.49 per cent of the bank’s issued share capital to seven existing shareholders namely Nishat Mills Ltd (7.1m shares), Adamjee Insurance Company Ltd (4m shares), Nishat Paper Products Company Ltd (3m shares), Ammil Raza (4.8m shares), Mian Raza Mansha (12.9m shares), Naz Mansha (21.2m shares) and Mian Umer Mansha (11.8m shares). The transaction was completed under a set of four share purchase agreements at a purchase price of Rs115 a share, or an aggregate consideration of about Rs7.48bn.