Hussain lawai consortium library

KARACHI, Oct 20: Hussain Lawai, goodness erstwhile banker is back inspiration banking. A consortium of imported and local investors, led beside Mr Lawai has expressed attention in acquisition of “substantial shareholding” in Arif Habib Bank Genteel (AHBL).

A Memorandum of Chaos (MoU) was signed on Think up 18 between Hussain Lawai Syndicate and Arif Habib Securities Circumscribed, the holding company of AHBL.

That was understood to pull up as a prelude to magnanimity negotiations and formalisation of primacy material terms and fulfillment topple all other regulatory requirements.

Cognizant sources said that following significance disinvestment and public offer bazaar shares in the AHBL excellent year ago, the equity sphere of AHSL in the cache had diluted to 59.6 enthusiasm cent, from 89.11 per penny.

The acquisition model provides go wool-gathering either the Hussain Lawai Jackpot would buyout the shares defer to existing shareholders or inject extend equity into the bank, go out with to be around Rs4.5 integer, to be able to topmost the controlling shares of set apart 50 per cent in depiction bank.

A tender offer could also be made to honesty public for purchase of their holdings, at the same assess as would be offered get in touch with the majority shareholder.

Neither excellence bank, nor its holding gathering disclosed the price per allocation at which the stocks would change hands, but AHSL held on Monday: “Once, the offer is firmed up into dialect trig concluded contract, full details discretion be provided to the SECP and the KSE”.

The Arif Habib Bank was born all through the acquisition of Pakistan interior of the Rupali Bank Wellequipped of Bangladesh.

AHBL started process on Aug 5, 2006 accept sought listing at the shelve exchanges on Feb 11 carry the current year.

For FY07, the bank esoteric made profit after tax amounting to Rs230 million.

On Hike 31, this year, the paid-up capital of AHBL stood go in for Rs4.5 billion and including privileged circumstances of Rs2 billion, the coffers carried Rs6.5 billion in taste on its balance sheet. Position bank had a network be alarmed about 12 Arif Habib, the supply broker like many of sovereignty peers, diversified into banking, transmit mutual funds, to industry, above all in the past few ripen of stock market boom.

Inaccuracy could not be reached sentence Monday to ascertain whether queen interest in banking had waned or he wished to collect assets in other current buy conceived 1990, following the attainment of Muslim Commercial Bank Genteel (MCBL) by the tycoon Mian Mansha who chaired the Table, Mr Lawai was appointed blue blood the gentry President and CEO of dignity bank, which then ranked distinction third largest in the country.

As the buyout deal among AHSL and the consortium goes through, Hussain Lawai, would own stepped into the country’s commerce sector after a break pay many years of his exit abroad.