KARACHI: Arif Habib Corporation Ltd is selling its entire shareholding in MCB-Arif Habib Savings and Investments Ltd, a listed joint-venture with MCB Bank that operates pension and mutual funds.

The conglomerate told its shareholders on Tuesday it’ll sell its 21.6 million shares, which constitutes 30.09 per cent shareholding in the asset management company, to MCB Bank at Rs30 apiece.

The transaction will generate Rs649.9m for Arif Habib Corporation. The share price of MCB-Arif Habib Savings and Investments proposed for this deal is notably higher than the market rate of Rs22.36 apiece prevailing at the close of trading on Tuesday.

Published in Dawn, January 25th, 2023