Kuwait-based Noor Financial Investment Co. is in talks with foreign institutional investors to sell part of its 39.53% stake in Pakistani lender Meezan Bank Ltd.
Discussions for selling 69.7 million shares of Meezan Bank, or a 5.96% stake in the lender, are preliminary and nonbinding at this stage, according to a Dec. 13 stock exchange filing by Meezan Bank.
The shares are currently in a blocked account with the Central Depository Co. Ltd. Noor Financial has asked the Pakistani bank to seek the State Bank of Pakistan's approval to unblock the shares.
Noor Financial has been reducing its stake in the Pakistani lender. In July and May, the company sold 2.56% and 2.49% stakes, respectively, in the bank.