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Article: Malaysia : Mauritius-based firm buys 59pc Mybank shares.
- Article from:
- TendersInfo
- Article date:
- October 5, 2009
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Loss-ridden Mybank on Thursday announced the sale of 59.34 per cent shares to a Mauritius-based investment firm, which had recently acquired Arif Habib Bank.
In a notice issued to the Karachi Stock Exchange (KSE), Mybank said a sale-purchase agreement was executed on September 30 to sell stocks to Suroor Investments Limited at Rs8 per share.
The deal had been sealed at a premium over the price of Mybank s listed share, which closed at Rs5.42 at the KSE on Thursday, Hussain Lawai, President of AHB said.
He said the acquisition would help AHB to expand its outreach. Mybank has 80 branches and combined with 34 branches of AHB the network will be ...