ISLAMABAD, May 28: Singapore state investor Temasek Holdings will acquire an additional 14 per cent of shares in Pakistan Industrial Credit and Investment Corp. (PICIC) from small investors through a tender offer.

NIB Bank, a subsidiary of Temasek Holdings, has already signed agreements of $300 million with different shareholders of PICIC to buy a controlling stake of 56 per cent shares, a private TV news channel reported.

It said the Temasek would acquire an additional 14 per cent of shares in PICIC from the stock market through a tender offer at the same price.

“The merged entity will be the sixth largest commercial bank in the country in terms of branch network with 216 branches and 17 booths spread throughout the country,” NIB Bank President Khawaja Iqbal Hassan told a foreign news agency.—APP