October 21, 2021 (MLN): The Askari Bank Limited (AKBL) has informed the exchange that the Board of Directors of the bank consented to the Expression of Interest (EOI) received by Askari Securities Limited (ASL) from Foundation Securities (Pvt) Limited (FSL) to explore the possibility of merger and amalgamation of ASL with and into FSL.

According to the notification sent to PSX, ASL is 100% owned by the Bank and the mentioned EOI will be followed by detailed due diligence to evaluate information and completion of other necessary formalities including necessary regulatory approvals.

The results of the due diligence shall be placed before the Board for further actions in respect of the transaction.

In case of the company, pursuant to the requirements of the Securities Act 2015, the Bank has duly caused this form/statement to be signed on its behalf by the undersigned hereunto duly authorized, it added.

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