- Britain to start sale of Lloyds soon, review RBS split |
- British Supreme Court ruling threatens Western sanctions against Iran
- US STOCKS-Wall St drops after Bernanke hints at slowing stimulus
- Sao Paulo, Rio revoke transport fare hikes as protests continue |
- Kosovo's first envoy to Serbia quits after two days
Temasek to invest up to $147 mln in Pakistan NIB Bank
KARACHI (Reuters) - Singapore sovereign wealth fund Temasek Holdings has agreed to a further investment of up to 12 billion rupees (94 million pounds) in Pakistan's NIB Bank via a rights issue, NIB said.
Temasek, already NIB's largest shareholder with 63.15 percent, will participate in the Pakistani bank's 12 billion rupee rights issue and subscribe for shares not taken up by minority holders.
The rights issue will be offered to all existing shareholders at a ratio of 42.198 shares at par value, which is 10 rupees per share, for every 100 shares held as of November 19.
NIB shares last traded at 8.45 rupees each, giving it a market value of close to $300 million.
"The purpose of the rights issue is to bolster NIB's capital to meet the opportunities and challenges that the board expects will be presented over the next few years," NIB said in a statement dated on Monday.
If Temasek takes up the entire rights issue, its stake in NIB will rise to about 75 percent, according to Farhan Rizvi, analyst at JS Global Capital Ltd.
According to NIB, with the rights issue, its paid-up capital will increase to over 40 billion rupees, the highest of all Pakistani banks.
(Reporting by Sahar Ahmed; Editing by Kim Coghill)
- Tweet this
- Share this
- Digg this