KARACHI, Dec 27: About 119 million ordinary shares of Arif Habib Bank will be issued from Dec 29.

This was announced by the Arif Habib Securities Limited (AHSL). The bank has been provisionally registered at the Karachi Stock Exchange with effect from Dec 24.

The AHBL is a majority owned subsidiary of the AHSL. It started operations in August 2006 and became a profitable entity within the first year.

The bank now has a network of 11 fully real time, linked branches and the rollout plan calls for expanding the outreach to 100 branches by 2012.

The Offer for Sale (OFS) shall be for 119.7 million shares at a price of PKR 21 per share. The OFS includes an offer of 59.7 million shares together with a Green Shoe Option of 60.0 million shares. The two together total to 119.7 million shares and an offer amount of PKR 2,514.7 million.