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.
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.