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| 18 July, 2018

Noor sells $16m equity in Pakistan’s Meezan Bank

Noor Financial Investment announced selling 27.23mln shares or 2.56% of its equity in Meezan Bank

Image used for illustrative purpose. A broker monitors an electronic board displaying stock prices during a trading session at Karachi Stock Exchange .

Image used for illustrative purpose. A broker monitors an electronic board displaying stock prices during a trading session at Karachi Stock Exchange .

REUTERS/Akhtar Soomro

Noor Financial Investment announced selling 27.23 million shares or 2.56% of its equity in Meezan Bank, Pakistan's first and largest Islamic bank.

The equity deal is valued at $15.76 million or KWD 4.77 million, according to a bourse statement on Wednesday.

Selling Noor’s equity has been executed in favor of foreign financial institutions. Following this deal, Noor currently owns 40.38% in Meezan Bank.

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The financial impact of this transaction will be a profit of KWD 830,000 that will be registered in Noor’s income statements of the third quarter of 2018, in addition to an increase of KWD 1.82 million in the shareholders’ equity rights.

Source: Mubasher

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