Fatima Fertilizer to acquire 84.51% stakes in Samba Bank

KARACHI: The board of directors of Fatima Fertilizer Company has approved the company’s proposed plan to acquire 84.51 per cent stakes in Samba Bank Limited, a bourse filing said on Monday.

The board also accorded approval for the company to conduct due diligence on the potential acquisition.

It may be mentioned here that the Saudi National Bank (SNB) has disclosed plans to offload 84.51 per cent shares in Samba Bank Limited.

The bank’s share was trading at Rs12.51 on Monday without observing any fluctuation in the value compared with last trading day’s closing.

Earlier in September a bourse filing by the SNB stated, “SNB (Saudi National Bank) is considering all its strategic options in relation to its shareholding in Samba Pakistan, including potential mergers, acquisitions, divestment and/or restructuring.”

It was not clarified whether the parent company of the Samba Bank, which is the fourth smallest among all listed lenders in terms of the total value of shares, wanted to sell its shareholding or acquire another bank to expand its footprint in the Pakistani market.

Fatima Fertilizer Company Limited is the first and the only green field project which has materialised under the 2001 Fertiliser Policy of the Government of Pakistan, aiming to encourage investors in this field, in view of growing demand of fertiliser in the country.

It became the first company within the global fertiliser industry to have clocked 60,220,000 safe man-hours, which is the highest accomplishment within the global fertiliser industry.

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