Askari Bank gets SBP Nod for Rs6bn TFC buyback
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MG News | July 08, 2025 at 03:40 PM GMT+05:00
July 08, 2025 (MLN): Askari Bank Limited (PSX: AKBL) has received approval from
the State Bank of Pakistan, via a letter dated July 7, 2025, to exercise the
Call Option in full on its Rated, Subordinated, and Unsecured Tier II Term
Finance Certificates (TFCs) amounting to Rs6 billion.
The TFCs were issued under a Trust Deed dated December 24,
2019, executed between Askari Bank (the Issuer) and Pak Oman Investment Company
Limited (the Trustee), the company's filing on PSX revealed today.
The decision to exercise the Call Option was approved by the
Bank’s Board of Directors in a meeting held on April 29, 2025, in accordance
with Clause 3.12 of the Trust Deed and Clause 27 of the Terms and Conditions
provided in Schedule 2 of the Deed.
Notices to the Trustee and TFC Holders, along with all statutory and other requirements related to the Call Option, will be issued in due course as per the provisions of the Trust Deed.
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