Noor Financial sells $16 million stake in Meezan Bank
Kuwait-based Noor Financial Investment Company (NFIC) has sold its stake in the Pakistani Meezan Bank Limited (MEBL), which is worth $16.014 million. A total of 2.49% of the total issued and paid up capital of the bank was sold and shares have been acquired by various foreign institutional investors at purchase price of Rs70 per share. Meezan Bank is planning to raise up to Rs7 billion by issuing Tier 1 Sukuk in the coming few months to shore up its capital adequacy ratio. According to the bank’s annual report for 2017 the capital adequacy ratio of Meezan Bank was at 12.89% last year, whereas its total assets grew 19% to reach Rs781 billion in December 2017, compared to Rs658 billion in 2016.
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