The Karachi Stock Exchange (Guarantee) Limited’s temasek looking to sell majority stake in NIB Bank Limited

Karachi: Enclosed please find herewith the news item published in the daily “Business Recorder” dated December 30, 2011, the contents of which are self explanatory.

It may be noted that under Listing Regulations, the listed companies are required to immediately disseminate the Stock Exchange of any material information relating to the business and other affairs of the company that may affect the market price at the company.

You are requested to please let us have your comments in regard to the above news item immediately.

Temasek Looking to sell Majority Stake in NIB Bank Limited

Reference to your letter # KSE/C-542-06 dated January 2, 2012 on the subject.

In this connection, we would like to inform you that the news item appearing in the newspapers is a numor and speculation. We are aware of the relevant listing regulations and will immediately disseminate the Stock Exchanges of any material information relating to business and other affairs of the Bank which may affect the market price.

Temasek Looking to sell Majority Stake in NIB Bank Limited

Singapore: Singapore state investor Temasek is looking to sell its 88.6 percent stake in Pakistan’s NIB Bank after heavy losses, the Business Times reported on Thursday quoting a source.

The paper also said NIB had suffered a cumulative net loss of about Rs 17 billion ($189 million) since Temasek first invested in the bank in early 2005.

Business Times quoted a Temasek spokesman as saying the firm did not comment on market speculation. The Singapore state investor could not immediately be contacted by Reuters of comment.

Reuters reported last month that Khawaja Iqbal Hassan, who was instrumental in bringing Temasek as an investor, had stepped down as CEO of NIB and that Singapore was looking at a paper loss of about $400 million of its $540 million investment – Reters.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136

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