KARACHI: Samba Bank Limited (SBL) has received intimation that 852,040,531 ordinary shares constituting approximately 84.51 percent of the issued and paid-up capital of Samba Bank Limited, previously held by its substantial shareholder, i.e., Samba Financial Group (SFG) have been transferred to/vested in Saudi National Bank (SNB) (formerly National Commercial Bank - NCB) by operation of law, i.e., as a consequence of the merger of Samba Financial Group with and into SNB.
The aforementioned transfer/vesting has been carried out as a consequence of the merger of SFG, a bank previously existing under the laws of the Kingdom of Saudi Arabia (previously being the substantial shareholder of Samba Bank Limited) with and into SNB (previously, the National Commercial Bank), a bank existing under the laws of Saudi Arabia, as a result of which SFG has ceased to exist. Consequently, the aforementioned shares of Samba Bank Limited, previously held by SFG, stand vested in SNB by operation of law, which has become the substantial shareholder of the Company, material information sent to Pakistan Stock Exchange on Monday said.
It is emphasized that while the said merger has become effective under the laws of the Kingdom of Saudi Arabia, and the State Bank of Pakistan has provided its in-principle approval for the National Commercial Bank (which has been renamed as Saudi National Bank) as the sponsor and majority shareholder of Samba Bank Limited, the requisite approvals/no-objections are being sought from the State Bank of Pakistan for the transfer of the subject shares in the name of SNB (and shall be subject to such approval/no-objection), it added. “We confirm that the details of the said transaction will be presented in the subsequent meeting of the board of directors of Samba Bank Limited, as required under section 5.6.4. of PSX Rule Book, and the same will be confirmed to the Exchange after the meeting,” the information said.
Copyright Business Recorder, 2021