Dubai Islamic Bank Pakistan eyes flotation in Q1 2016
The Pakistan arm of Dubai Islamic Bank plans to list a quarter of its shares on the Karachi Stock Exchange in the first quarter of 2016, its chief executive was quoted as saying in the Khaleej Times on Sunday.
Junaid Ahmed said that the bank would benefit from a growing Pakistani economy and investment opportunities from large-scale government infrastructure projects, including a $46 billion project with China, dubbed the China-Pakistan Economic Corridor.
"We have recommended the management to float around 25 per cent share on the exchange as the market is moving in upward direction and it is right time to float the share," he said.
The Karachi Stock Exchange's benchmark 100 index is up 5.48 per cent year-to-date, according to Thomson Reuters data.
DIB Pakistan held assets at the end of June worth PKR124.99 billion ($1.2 billion) and made profit after tax of PKR108.4 million in the second quarter of 2015, down 49 per cent year-on-year, according to the earnings statement on its website.
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