AKBL, Foundation securities merger operationally effective

MG News | June 13, 2023 at 11:18 AM GMT+05:00

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June 13, 2023 (MLN): The merger between Askari Securities Limited (PSX: AKBL) and Foundation Securities (private) Limited has now become operationally effective, the company’s filing on SX showed today.

This is in reference to the notice dated April 7, 2023, of the amalgamation of AKBL with and into Foundation Securities Limited and the dissolution of ASL, without winding up.

AKBL is a scheduled commercial bank and is principally engaged in the business of banking as defined in the Banking Companies Ordinance, 1962. The ultimate parent of the Bank is Fauji Foundation.

Foundation Securities Limited. is a full service equities broking and investment banking firm.

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