The proposed Samba Bank acquisition by Najd Gateway Holding Company has hit another delay, raising fresh questions about the timing and final structure of the deal. The acquirer has secured a 90 day extension to make its Public Announcement of Offer, pushing the deadline from August 19 to November 17, 2026.
The development was disclosed by Arif Habib Limited, the Manager to the Offer, through a notice submitted to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange.
Najd Gateway is seeking to acquire 84.51 percent of Samba Bank Limited and take control of the bank. The proposed transaction involves 852.04 million ordinary shares, representing 84.51 percent of the bank’s issued and paid up capital.
The latest extension indicates that negotiations between the parties have not yet reached the stage required for the formal Public Announcement of Offer.
Why the Samba Bank Acquisition Is Being Delayed
The proposed Samba Bank acquisition dates back to a Public Announcement of Intention published on February 20, 2026, followed by an addendum issued on March 5.
Under Regulation 7(1) of the Listed Companies Substantial Acquisition of Voting Shares and Takeovers Regulations, 2017, the Public Announcement of Offer was required within a prescribed 180 day period. That period was due to expire on August 19, 2026.
However, ongoing negotiations prevented the acquirer from completing the announcement within the original timeframe.
Najd Gateway has now exercised the option to extend the deadline by another 90 days, making November 17, 2026 the new deadline for the Public Announcement of Offer.
84.51 Percent Stake Makes Samba Bank Acquisition Significant
The scale of the proposed transaction makes the Samba Bank acquisition more than a routine shareholding change. Acquiring 84.51 percent of a bank effectively provides the buyer with controlling influence over its strategic direction, management and future expansion.
For existing shareholders, however, the prolonged negotiation period creates uncertainty. Investors now face another three months before the transaction moves to a potentially more definitive stage.
The critical issue is that an extension does not guarantee completion of the acquisition. It only provides additional time for negotiations and regulatory and transaction-related processes.
Delay Raises Questions for Samba Bank Investors
The latest development deserves closer scrutiny because the transaction has already progressed through the announcement of intention and its subsequent addendum, yet the formal offer remains pending.
That raises an important question for the market: what issues are keeping negotiations open for so long?
Neither the notice nor the information provided explains the specific matters still being negotiated. This lack of detail leaves investors with limited visibility into whether the delay relates to valuation, transaction conditions, regulatory requirements, financing arrangements or other commercial considerations.
For shareholders, greater transparency around the reasons behind the extended negotiations would help reduce uncertainty.
What Happens Next
The immediate deadline for the Samba Bank acquisition is now November 17, 2026. Until then, investors will be watching for further disclosures regarding the terms of the proposed offer and whether the parties successfully conclude their negotiations.
If the Public Announcement of Offer is made within the extended period, the transaction could move into a more concrete phase. If negotiations face further obstacles, however, another delay could intensify concerns about the certainty and timeline of the proposed takeover.
The coming three months will therefore be crucial for Samba Bank, Najd Gateway and shareholders waiting for clarity on one of the bank’s most consequential ownership developments.