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Noor Financial trims Meezan Bank stake

Kuwait-based Noor Financial Investment Co. has sold 26,447,000 ordinary shares in Pakistan-based Meezan Bank Ltd. to "various foreign institutional investors."

The shares equate to 2.49% of the total issued and paid up capital of Meezan and were sold at a purchase price of 70 Pakistani rupees apiece.

Noor Financial's stake in Meezan stood at 49.11%, as at Dec. 31, 2017.

As of May 24, US$1 was equivalent to 115.79 Pakistani rupees.