Noor sells 16m shrs in Pakistan’s Meezan Bank

Noor sells 16m shrs in Pakistan’s Meezan Bank

 Noor Financial Investment announced that it has sold equity representing 1.35% of capital in Pakistan’s Meezan Bank.

The Boursa Kuwait-listed company has sold 15.75 million shares in Meezan Bank at a total value of KWD 2.65 million ($8.8 million), according to a bourse disclosure on Thursday.

Noor has sold its equity in Meezan for foreign financial institutions, and it will receive 38.18% of the transaction’s value.

Noor has achieved a profit valued at KWD 550,000 ($1.8 million) from this equity transactions, and the income will be registered in the company’s financial statements for the fourth quarter of fiscal year 2018.

At the stock level, Noor closed Thursday’s session 1.2% higher at 68 fils.

-Mubasher