JEDDAH, 17 April 2008 — Saudi-Pak Industrial & Agricultural Investment Company has achieved a profit of SR390 million from selling its 68.01 percent stake in Saudi-Pak Commercial Bank, said Dr. Abdullah Al-Thunayan, chairman of the company.
He said the board of directors decided to sell 340.15 million shares worth SR604 million last year in the wake of speedy developments in Pakistan’s banking sector. “We have completed sales procedures and handed over the bank to the new management on March 31 after the company receiving all its rights,” he said.
He said the company had received six offers and selected the best one presented by a consortium including Bank Muscat and Japan’s Nomura Holdings and International Finance Corp, an arm of the World Bank. Informed sources said Bank Muscat would end up with a 35 percent interest in Saudi-Pak Bank, IFC 20 percent and Nomura Holdings 13 percent through its subsidiary Nomura European Investment Ltd. Pakistan’s banking sector has more than doubled in total assets over the past five years to 4,884 billion rupees ($78.6 billion), according to Pakistan’s central bank data.