The Board of Directors of NIB Bank to review the MCB Bank's proposal of amalgamation in its emergent meeting to be held today in Karachi. The market is expecting that NIB board of directors is likely to accept the MCB Bank's offer of amalgamation. NIB Bank in its notice sent to Pakistan Stock Exchange (PSX) had announced that its board of directors' emergent meeting would be held on December 07, 2016 in Karachi to discuss and consider the proposed amalgamation of the Bank with and into MCB Bank Limited under Section 48 of the Banking Companies Ordinance, 1962 along with other agenda items, if any.
The company has declared the "Closed Period " from December 03, 2016 to December 07, 2016 (both days inclusive) as required under clause 5.19.15 of the PSX Rule Book (Code of Corporate Governance). Accordingly, no director, CEO and employee of the Bank shall, directly or/and indirectly, deal in the share of the company in any manner during the closed period. The MCB Bank had already completed due diligence of NIB Bank for its proposed acquisition in the third quarter of current calendar year and accordingly submitted its proposal for amalgamation of NIB Bank.
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