Author Topic: ATBL -- Atlas Bank Limited  (Read 4174 times)

0 Members and 1 Guest are viewing this topic.

Offline Admin

  • Administrator
  • Senior Member
  • *****
  • Posts: 3915
  • Thanks Received: 15
    • View Profile
ATBL -- Atlas Bank Limited
« Reply #-1 on: November 23, 2009, 03:42:07 PM »
All about Atlas Bank

Pakinvestorsguide

ATBL -- Atlas Bank Limited
« Reply #-1 on: November 23, 2009, 03:42:07 PM »

Offline Admin

  • Administrator
  • Senior Member
  • *****
  • Posts: 3915
  • Thanks Received: 15
    • View Profile
Re: ATBL -- Atlas Bank Limited
« on: November 23, 2009, 03:43:01 PM »
23-OCT-09 ATBL Atlas Bank Ltd FINANCIAL RESULT FOR THE THIRD QUARTER ENDED 30/09/2009
23-OCT-09 ATBL Atlas Bank Ltd (CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (1,868.261)
23-OCT-09 ATBL Atlas Bank Ltd (CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION (1,487.587)
23-OCT-09 ATBL Atlas Bank Ltd EPS = (2.97)
23-OCT-09 ATBL Atlas Bank Ltd FINANCIAL RESULT FOR THE THIRD QUARTER ENDED 30/09/2009
23-OCT-09 ATBL Atlas Bank Ltd (UNCONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (1,845.443)
23-OCT-09 ATBL Atlas Bank Ltd (UNCONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION (1,463.188)
23-OCT-09 ATBL Atlas Bank Ltd EPS = (2.93)

Offline Admin

  • Administrator
  • Senior Member
  • *****
  • Posts: 3915
  • Thanks Received: 15
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #1 on: November 23, 2009, 03:43:51 PM »
atlas group sold 58% share holding to saroor investments @ 4.5 rs per share

Toshi

  • Guest
Re: ATBL -- Atlas Bank Limited
« Reply #2 on: November 23, 2009, 03:48:31 PM »
atlas group sold 58% share holding to saroor investments @ 4.5 rs per share
Farzooq bhai who are saroor investments?

Offline Karuli

  • Senior Member
  • *****
  • Posts: 1027
  • Thanks Received: 3
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #3 on: November 23, 2009, 03:52:01 PM »
atlas group sold 58% share holding to saroor investments @ 4.5 rs per share
Farzooq bhai who are saroor investments?
Farzooq bhai who are saroor investments?

Offline Admin

  • Administrator
  • Senior Member
  • *****
  • Posts: 3915
  • Thanks Received: 15
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #4 on: November 23, 2009, 03:54:43 PM »
atlas group sold 58% share holding to saroor investments @ 4.5 rs per share
Farzooq bhai who are saroor investments?
Farzooq bhai who are saroor investments?

hussain lawai
already bought stakes in ahbl and mybl


Toshi

  • Guest
Re: ATBL -- Atlas Bank Limited
« Reply #5 on: November 23, 2009, 03:56:22 PM »
atlas group sold 58% share holding to saroor investments @ 4.5 rs per share
Farzooq bhai who are saroor investments?
Farzooq bhai who are saroor investments?

hussain lawai
already bought stakes in ahbl and mybl



Thanx

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 20611
  • Thanks Received: 196
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #6 on: November 24, 2009, 09:19:55 AM »
Suroor Investment acquires Atlas Bank's majority shares
RECORDER REPORT
KARACHI (November 24 2009): Suroor Investment Ltd, led by prominent banker Hussain Lawai, has acquired majority shares of Atlas Bank limited at a prices of Rs 4.50 per share. "Suroor Investment is keenly interested to enhance Arif Habib Bank's nation-wide operation by acquiring some small banks, besides launching new branches in major cities and rural areas," sources said, and added that after successful acquisition deal with Mybank, the sponsors of Arif Habib Bank, under their expansion plan, had purchased majority shares of the Atlas Bank.

They said that negotiations between 'Suroor Investment' and Atlas Bank were under process for last six weeks for the acquisition of majority shares of the bank. However, Atlas Bank sponsors on Monday also formally announced that they have entered into an agreement with Suroor Investments for sale of 58.31 percent of their share-holding in the bank. However, the deal is subject to necessary legal and other approvals.

Sources said that Suroor Investment would pay Rs 1.3 billion to the sponsors of Atlas Bank for the purchase of over 58 percent shares of bank. Atlas Bank had faced serious liquidity problems, like other banks, during fiscal year 2009 and was unable to meet the State Bank's Minimum Capital Requirement (MCR).

Therefore, the central bank granted one-year extension to meet MCR condition, they said "Suroor Investment has already acquired majority shares of Arif Habib Bank and Mybank under its plan to set up a new bank, which would provide banking facilities to the middle businessmen focusing on trading business," sources said.

Earlier, on October 1, 2009, Suroor Investment acquired majority shares of Mybank with investment of Rs 2.4 billion at a price of some Rs 8 per share, they added. Sources said that acquisition of Atlas Bank by Suroor Investment is a major development in the banking sector, which is presently facing several difficulties like decline in profit and high non-performing loans.

They said sponsors of Arif Habib Bank have not conducted due diligence for the acquisition of Atlas Bank, as already three have done in the past by different parties. The same situation was seen in Mybank case, as it was also facing paid-up capital problems, which compelled the bank to merge in some other bank and finally Mybank's majority shares have been acquired by Suroor Investment Ltd.

It may be mentioned here that Atlas Bank--a company of Atlas Group--with equity of Rs 3.41 billion and assets base of Rs 30.40 billion, is partnered by a leading European financial group, DEG-Deutsche Investitions of Germany. As a scheduled commercial bank, Atlas Bank is engaged in commercial banking operations through its network of 40 online, real-time branches in 17 major cities of Pakistan.
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 20611
  • Thanks Received: 196
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #7 on: November 24, 2009, 09:21:05 AM »
Banks rush to increase capital
 
 
 
Atlas to be merged with AHB, Mybank; Soneri to issue right shares

Tuesday, November 24, 2009
By Saad Hasan

KARACHI: Atlas Bank and Soneri Bank on Monday announced their separate plans to raise capital to meet the minimum paid-up capital requirement (MCR) set by the State Bank of Pakistan.

Loss-stricken Atlas Bank said its biggest shareholder would sell 58.31 per cent shares to Suroor Investment at Rs4.5 per share, a premium over Monday’s closing price of Rs3.39 a share.

Suroor, the Mauritius-based investment firm, has already acquired stake in Arif Habib Bank (AHB) and Mybank in similar deals earlier this year.

“We are looking at a target of close to 200 branches (when all banks are merged),” said Hussain Lawai, President AHB, who has wooed a group of foreign investors to acquire banks in the country.

“These acquisitions will help form a stronger entity to bear through difficult times.” Atlas Bank saw its capital being wiped off to just Rs2.6 billion in nine months to September 2009 during which period it suffered an after-tax loss of Rs1.4bn.

Economic slowdown, rising non-performing loans and loss on equity investments have cost dearly to banks. While drop in corporate earnings have made banks too cautious the consumer financing has almost stopped.

But the investment group seems really optimistic about the prospects of bank industry in the country as in its September 30 deal it bought Mybank’s 59.34pc stake at Rs8 a share, which was premium over then market price of Rs5.42 a share.

Since then Mybank’s share has tumbled to Rs3.57 in wake of devastating nine months to September 2009 loss of Rs1.167bn compared with a profit of Rs502m in same period last year.

The SBP has been pushing the idea of consolidation for smaller banks, which are facing difficulty in raising deposits and earnings as the economy slowed down.

Suroor’s acquisition in AHB for Rs9 per share was a far cry from AHB’s IPO of Rs21 per share early last year. AHB incurred a loss of Rs865m between Jan-Sep 2009 compared with a loss of Rs297m in same period of last year.

Meanwhile, Soneri Bank said its board of directors has declared issue of 20 right shares at 10 per share for every 100 shares held in a bid to meet MCR. Rights issue is an issue of shares offered at a special price by a company to its existing shareholders. Shares of Soneri Bank closed at Rs11.09 per share on Monday.

Safarali K Lakhani, CEO Soneri Bank, said there was no option but to issue right shares because of fragile economic situation. He said bank industry was going through a difficult patch but things will improve in coming years.

Soneri’s profit also plunged to just Rs116m in Jan-Sep 2009 from Rs716m it posed in same period of last year. Its capital stands around Rs5bn.

Suroor Investment Limited, owned by a Dubai’s sheikh who also has stakes in Dubai Islamic Bank, signed a share purchase agreement on June 30 to buy 60 percent shares of the AHB.

Seasoned banker Lawai, who was the first President of the privatised Muslim Commercial Bank (MCB) now MCB Bank, made a comeback to Pakistani banking industry last year after a long gap. He has been heading AHB as President and CEO since late 2008.

The financial downturn and its economic repercussions have turned out to be devastating for some other smaller banks, which have lost their equity to rising non-performing loans.

Earlier, Atlas Bank and Silk Bank have called off a planned merger, which was needed by both to raise their paid up-capital to meet SBP’s MCR of Rs5bn for 2008. Both banks have been allowed up till end of 2009, to meet the MCR.

After seeing that even the global banking system was in crisis, SBP revised the MCR for banks in Pakistan. Now banks are required to have MCR of Rs6bn by end 2009 and then they have to increase it by Rs1bn each year till 2013.
 
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Admin

  • Administrator
  • Senior Member
  • *****
  • Posts: 3915
  • Thanks Received: 15
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #8 on: November 24, 2009, 11:26:04 AM »
Suroor Investments acquires Atlas Bank (BR)
Suroor Investments Ltd has acquired 58.31% shares of Atlas Bank limited at a price of PRs4.50/sh
corresponding to a P/B of 0.9x (BVPS as of Sep-09: PRs5.2/sh). Atlas Bank – owned by Atlas
Group with an equity base of PRs2.6bn and asset base of PRs32.8bn as of Sep-09 - had been
facing serious liquidity problems and was unable to meet the State Bank's Minimum Capital
Requirement (MCR). Recall that Suroor Investments has earlier acquired 297mn shares (60%) of
Arif Habib Bank for PRs2.7bn (PRs9/sh) and also bought 59.34% stake in Mybank at PRs8/sh.

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 20611
  • Thanks Received: 196
    • View Profile
Re: ATBL -- Atlas Bank Limited
« Reply #9 on: October 05, 2010, 10:16:36 AM »
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Tags: