UAE Company Wants to Acquire Samba Bank

Gulf Islamic Investments LLC, a UAE-based Company, has also shown its interest in acquiring shares of Samba Bank being one of the partners of Fatima Fertilizer Limited in the potential deal.

According to the stock filing, Fatima Fertilizer Group, which showed an interest in taking over Samba Bank’s major shares, has formed a consortium along with Gulf Islamic Investments LLC and the Management Group — the present management of the company.

The consortium through its manager, Arif Habib Limited, has made a public announcement regarding the intention to acquire 84.51 percent or 852 million ordinary shares of Samba Bank.

Gulf Islamic Investments LLC provides Financial Analysis and Financial Consultancy Advisory services for Shariah-compliant alternative investments such as private equity, venture capital and real estate. It is a part of GII Holding group (GII) which is an Investment Holding Company headquartered in Abu Dhabi with Corporate Offices in Dubai and the Group’s presence in DIFC, UK, Cayman, Luxembourg, Germany and representative offices in the US and Hong Kong.

The company has made two acquisition deals each worth $100 million in the recent weeks of December.

Fatima Fertilizer Company Limited and Gulf Islamic Investments LLC, the two companies, will have a major financial contribution in the potential deal.

Besides, the Management Group, which is led by CEO and President Shahid Sattar, will provide the support of technical aspects in the deal including the due diligence of the Samba Bank.

The addition of the new players in the deal forming a consortium will make a strong case of share acquisition and purchase deal as the banking regulatory usually allows new investors with a sound knowledge of the banking industry with strong financial support from the investors.

The notification mentioned that the public announcement of intention to acquire voting shares/control of Samba Bank Limited is subject to obtaining the requisite regulatory approvals including clearance of fit and proper criteria/permission for conducting due diligence from the State Bank of Pakistan.

The public announcement of intention may be withdrawn if the requisite approvals are not granted by the concerned regulatory authority(ies).

Source: Pro Pakistani