MCB Bank and NIB Bank has announced merger to operate as a single entity.
The Singapore-based Temaseks holds majority shareholders of NIB have agreed to acquire one share of MCB in exchange of every 140 shares.
The amalgamation deal is subject to a number of regulatory approvals.
NIB Bank in a notification to the Pakistan Stock Exchange wrote “As a consequence of the Proposed Amalgamation, 73,569,197 ordinary shares of MCB shall be issued in aggregate in favour of the shareholders of the {NIB} Bank on the basis of a swap ratio of 1 (one) ordinary share of MCB for every 140.043 ordinary share of the {NIB} Bank,”
General shareholders of NIB Bank are also entitled to the new shares of MCB Bank in the same proportion.
MCB Bank’s share increased 2.25%, or Rs5.05, and closed at Rs229.24 with a volume of 1.38 million shares at the stock market.
