PPI Original Text (PPI-OT) – MCB, FABL and AKBL sold Khushhali Bank holding to UBL Consortium – Alfalah Securities Limited

Karachi, June 05, 2012 (PPI-OT): MCB Bank, Faysal Bank (FABL) and Askari Bank Ltd. (AKBL) have finally executed the sale purchase agreement for the sale Khushhali Bank (KBL) to the consortium of United Bank Ltd. (UBL) which includes UBL, ASN-NOVIB Microkredietfonds, responsAbility Global Microfinance Fund, Rurual Impulse Fund II S.A. SICAV-FIS and ShoreCap II Ltd. MCB, FABL and AKBL have sold 17.6% (30 mn shares), 0.88% (1.5 mn shares) and 2.9% (5.0 mn) holding of KBL respectively to UBL Consortium at a bid price of ~ PkR 20.44 per share.

According to Alfalah Securities Limited, resultantly, MCB, FABL and AKBL would receive PkR 613.2 mn, PkR 30.66 mn and PkR 102.2 mn respectively. While on the other hand the UBL Consortium would benefit from acquiring KBL by added penetration in the Microfinance segment. The break up value of KBL is PkR 13.0 per share as at Dec 31, 2012.

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