Sakib Berjees Consortium To Withdraw Their Intention To Acquire Approximately 30% Shares Of PICIC Insurance Ltd From NIB Bank Ltd
Sakib Berjees Consortium announced that it has made a public announcement to withdraw their intention to acquire approximately 30% shares of PICIC Insurance Limited from NIB Bank Limited. The press clippings published on behalf of Sakib Berjees and Consortium is enclosed for records. NIB Bank Limited vide its letter dated November 15"1, 2012 had earlier informed the Stock Exchanges that its board of directors had approved in principal the sale of approximately 30% shares of PICIC Insurance Limited owned by NIB Bank Limited to Sakib Berjees Consortium, subject to procurement of all regulatory approvals and permissions.
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