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.
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 percent 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 percent year-to-date, according to Thomson Reuters data.
DIB Pakistan held assets at the end of June worth 124.99 billion rupees ($1.2 billion) and made profit after tax of 108.4 million in the second quarter of 2015, down 49 percent year-on-year, according to the earnings statement on its website.-Reuters