Temasek to invest up to $147m in NIB Bank: The News

Thursday, October 30, 2008
KARACHI: Singapore’s sovereign wealth fund Temasek Holdings has agreed to a further investment of up to 12 billion rupees ($147 million) in Pakistan’s NIB Bank via a rights issue, NIB said.

Temasek, already NIB’s largest shareholder with 63.15 per cent, will participate in the bank’s 12 billion rupee rights issue and subscribe for shares not taken up by minority holders.

The rights issue will be offered to all existing shareholders at a ratio of 42.198 shares at par value, which is 10 rupees per share, for every 100 shares held as of Nov 19.

NIB shares last traded at 8.45 rupees each, giving it a market value of close to $300 million.

For more on this article, please click on the following link: Temasek to invest up to $147m in NIB Bank: The News