Kuwait's Noor Financial Investment Co. sold a 1.35% stake in Pakistan's Meezan Bank Ltd., raising 1.23 billion Pakistani rupees in proceeds.
Under the transaction, Noor Financial sold 15,750,000 shares of Meezan Bank to various overseas institutional investors at 78 rupees apiece. The Dec. 24 disclosure came after Meezan Bank said Dec. 13 that Noor Financial was in talks with unnamed foreign investors to sell a 5.96% stake in the bank. Noor Financial held a 39.53% stake in the bank as of Dec. 13.
As of Dec. 25, US$1 was equivalent to 138.80 Pakistani rupees.