Bank Alfalah Limited (PSX: BAFL) has taken a significant step towards acquiring an 84.5 percent stake in Samba Bank Limited (Samba), as revealed in a public announcement conveyed to the main bourse.
Acting through its appointed manager to the offer, Arif Habib Limited, Bank Alfalah has formally declared its intention to procure up to 84.51% of Samba’s shares from Saudi National Bank, on behalf of the Acquirer. This strategic move aligns with the provisions outlined in the Securities Act of 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations of 2017, as detailed in the stock filing.
Furthermore, this announcement follows Bank Alfalah’s earlier non-binding indicative offer to SNB in March 2024, signaling the beginning of negotiations for the acquisition of Samba. Simultaneously, the proposed acquisition encompasses a substantial portion, approximately 84.51 percent, of Samba’s shares. However, the completion of this transaction is contingent upon several crucial factors, including the satisfactory completion of due diligence, the finalization of definitive agreements, internal corporate approvals, securing all requisite regulatory approvals, and adherence to all pertinent legal and regulatory protocols.
As of the time of filing, Bank Alfalah’s stock at the bourse was trading at Rs. 53.36, marking a marginal increase of Rs. 0.01 or 0.02 percent. Conversely, Samba Bank’s scrip stood at Rs. 12, reflecting a slight decrease of Rs. 0.02 or 0.17 percent. Moreover, these fluctuations underscore the market’s reaction to the unfolding developments surrounding the potential acquisition, highlighting the significance of this strategic maneuver for both entities involved.
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