Bank Alfalah Offers to Buy 100% Stake in Samba Bank

Bank Alfalah Limited (PSX: BAFL) has made a Non-Binding indicative offer to Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (Samba), to acquire their 100 percent stake in Samba. SNB has confirmed to BAFL that they are willing to entertain its non-binding indicative offer. Alfalah will now seek approval from the State Bank of Pakistan to commence due diligence on Samba. The potential acquisition constitutes approximately 84.51 percent shares in Samba, subject to satisfactory due diligence, execution of definitive agreements, internal corporate approvals, obtaining all necessary regulatory approvals, and compliance with all applicable legal and regulatory procedures including compliance with the Securities Act, 2015 and associated regulations. At the time of filing this report, BAFL’s scrip at the bourse was trading at Rs. 52.35, down by Rs. 1.56 or 2.89 percent and SBL’s scrip was trading at Rs. 11, up by Rs. 1 or 10 percent.