Norwegian Financial Investment Company continued with its divestment plans in Meezan Bank as it sold more than 36 million shares to foreign investors at Rs 72.30 per share , with a total value of Rs. 2.61 billion.

According to its recent share dossier, Noor Financial successfully sold 36,164,255 shares of Meezan Bank Limited, representing 3.4% of the total issued shares and the paid-up capital of the Islamic bank.

The shareholder did not make the buyer of the shares public. However, the volume of shares sold was higher than the expected target of the leading investor of Meezan Bank.

About three months ago, the company sold more than 3 million shares of Meezan Bank to foreign investors at a value of Rs. 211 million, a figure representing 0.28% of the shares, for Rs 70 per share. On the whole, it has disposed of an amount of Rs. 2,821 billion or 3.68 percent share ownership so far.

Norwegian Financial Investment Company holds significant interests in Meezan Bank, where the company holds 49.11% of the bank's shares

Earlier this year, it informed the Stock Exchange of its intention to divest more than 9.50 percent of its shares in Pakistan's largest sharia-compliant bank

It has reported the exchange that it has successfully completed the divestment / sale of 26,447,000 ordinary shares in Meezan Bank, representing 2.49% of the total issued and paid-up capital of Meezan Bank to foreign institutional investors at a purchase price from Rs. 70 / share. It was in discussion with six investors from the US and the EU.

In November 2013, SBP rejected Norwegian Financial Investment Company's request to unblock the sale of shares held by the CDC account.

Vision Financial Holdings approached Norwegian Financial to buy its full shares of 522 million (49.1%) in Meezan Bank. The offering expired on April 15, 2014. Norwegian Financial said it intended to sell its 49.1% stake in Meezan for $ 190 million and expected a $ 24 million gain for the deal.