A group of buyers acquired additional 5.49% stake in MCB Bank Limited from Bugis Investments Pte. Limited for PKR 7.5 billion.
December 11, 2022
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A group of buyers acquired additional 5.49% stake in MCB Bank Limited (KASE:MCB) from Bugis Investments (Mauritius) Pte. Limited for PKR 7.5 billion on December 12, 2022. The share price was PKR 115 cash per MCB Bank share. Pursuant to this transaction, Bugis Investments (Mauritius) sold all of 65,020,947 shares representing its total ownership of approximately 5.49% in MCB Bank. and existing shareholders of MCB comprising; Nishat Mills Limited, Adamjee Insurance Company Limited, Nishat Paper Products Company Limited, Ammil Raza, Mian Raza Mansha, Naz Mansha and Mian Umer Mansha increased their ownership in MCB Bank. The transaction has been approved by the State Bank of Pakistan and the Competition Commission of Pakistan.
A group of buyers completed the acquisition of additional 5.49% stake in MCB Bank Limited (KASE:MCB) from Bugis Investments (Mauritius) Pte. Limited on December 12, 2022. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor to Fullerton Financial Holdings Pte. Ltd., parent of Bugis Investments (Mauritius) Pte. Limited.
Nishat Mills Limited is a vertically integrated textile company. It is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling, and dealing in yarn, linen, cloth and other goods and fabrics made from raw cotton, synthetic fiber, and cloth and to generate, accumulate, distribute, supply, and sell electricity. It operates through six segments: Spinning, Weaving, Dyeing, Home Textile and Terry, Garments, Power Generation, and Hotel. Its Spinning segment is engaged in producing different quality of yarn, including dyed yarn, and sewing thread using natural and artificial fibers. Its Weaving segment offers different qualities of greige fabric using yarn. Its Dyeing segment offers dyed fabric using different qualities of greige fabric. Its Home Textile and Terry segment offers home textile articles using processed fabric produced from greige fabric and manufacturing of terry and bath products.
NISHAT MILLS LIMITED 
