Bank Alfalah Limited (PSX: BAFL) has officially withdrawn its public announcement of its intention to acquire an 84.5 percent stake in Samba Bank Limited (PSX: SBL). This decision follows the termination of the sale process by Saudi National Bank, which owns the equity in question.

The announcement was made on Thursday, informing the Pakistan Stock Exchange (PSX) of the development. Initially, the State Bank of Pakistan (SBP) had granted Bank Alfalah in-principle approval to conduct due diligence on Samba Bank Limited. This was part of Bank Alfalah’s proposed acquisition of approximately 84.51 percent of ordinary shares held by Saudi National Bank in Samba.

However, the process was halted when Saudi National Bank decided to terminate the sale of its equity stake in Samba Bank. As a result, Arif Habib Limited, acting as the Manager to the Offer on behalf of Bank Alfalah, submitted a formal withdrawal of the bank’s earlier public announcement regarding the acquisition.