Investors withdraw offer to buy Bahria Town-owned bank

Owing to a “lack of progress” in the proposed transaction, a group of three investors has formally decided not to proceed with the acquisition of more than 50 per cent shares in Escorts Investment Bank Ltd, a subsidiary of real estate developer Bahria Town Ltd, a bourse filing said on Monday. The three investors made a public announcement of their intention in March to buy more than 50pc shareholding along with management control in the struggling investment bank. AKD Securities was to serve as manager to the offer collectively made by Mian Javaid Akhtar, Mian Zeeshan Javaid and Mohammad Ali Kazmi. The first two potential acquirers were engaged in trading, construction, agriculture and import/export businesses. The third potential acquirer worked in commercial banking, insurance, treasury, trade finance, leasing and investment banking.