Askari Bank to acquire remaining 26% share capital of its subsidiary

MG News | February 13, 2020 at 03:06 PM GMT+05:00

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February 13, 2020 (MLN): The Board of Directors of Askari Bank Limited, in its meeting held on February 13, 2020, has decided to acquire 26% shareholding of Askari Securities Limited, a 74% owned subsidiary of the Bank, from Army Welfare Trust to acquire 100% shareholding of ASL at a price of Rs. 8.50 per share.

The acquisition process shall ensue after approval from shareholders in the Annual General Meeting due to take place on March 27, 2020 as well as fulfillment of applicable legal and regulatory authorities.

Besides the aforesaid resolution, the Board also announced the financial results for the year ended December 31, 2019, wherein the Bank declared net earnings of Rs. 7 billion i.e. 58.8% higher than the earnings reported in previous year.

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