Suroor Investment acquires Atlas Bank's majority shares
Wednesday, 25 November 2009
KARACHI, Nov 24 (Business Recorder): Suroor Investment Ltd, led by prominent banker Hussain Lawai, has acquired majority shares of Atlas Bank limited at a prices of Rs 4.50 per share.
"Suroor Investment is keenly interested to enhance Arif Habib Bank's nation-wide operation by acquiring some small banks, besides launching new branches in major cities and rural areas," sources said, and added that after successful acquisition deal with Mybank, the sponsors of Arif Habib Bank, under their expansion plan, had purchased majority shares of the Atlas Bank.
They said that negotiations between 'Suroor Investment' and Atlas Bank were under process for last six weeks for the acquisition of majority shares of the bank. However, Atlas Bank sponsors Monday also formally announced that they have entered into an agreement with Suroor Investments for sale of 58.31 per cent of their share-holding in the bank. However, the deal is subject to necessary legal and other approvals.
Sources said that Suroor Investment would pay Rs 1.3 billion to the sponsors of Atlas Bank for the purchase of over 58 per cent shares of bank. Atlas Bank had faced serious liquidity problems, like other banks, during fiscal year 2009 and was unable to meet the State Bank's Minimum Capital Requirement (MCR).
Therefore, the central bank granted one-year extension to meet MCR condition, they said "Suroor Investment has already acquired majority shares of Arif Habib Bank and Mybank under its plan to set up a new bank, which would provide banking facilities to the middle businessmen focusing on trading business," sources said.
"Suroor Investment is keenly interested to enhance Arif Habib Bank's nation-wide operation by acquiring some small banks, besides launching new branches in major cities and rural areas," sources said, and added that after successful acquisition deal with Mybank, the sponsors of Arif Habib Bank, under their expansion plan, had purchased majority shares of the Atlas Bank.
They said that negotiations between 'Suroor Investment' and Atlas Bank were under process for last six weeks for the acquisition of majority shares of the bank. However, Atlas Bank sponsors Monday also formally announced that they have entered into an agreement with Suroor Investments for sale of 58.31 per cent of their share-holding in the bank. However, the deal is subject to necessary legal and other approvals.
Sources said that Suroor Investment would pay Rs 1.3 billion to the sponsors of Atlas Bank for the purchase of over 58 per cent shares of bank. Atlas Bank had faced serious liquidity problems, like other banks, during fiscal year 2009 and was unable to meet the State Bank's Minimum Capital Requirement (MCR).
Therefore, the central bank granted one-year extension to meet MCR condition, they said "Suroor Investment has already acquired majority shares of Arif Habib Bank and Mybank under its plan to set up a new bank, which would provide banking facilities to the middle businessmen focusing on trading business," sources said.