March 25, 2022 (MLN): The shareholders of Askari Bank Limited (PSX: AKBL) have resolved to increase the shareholding of AKBL in Foundation Securities (Private) Limited (FSL) to 51% of the total shareholding in FSL by way of acquiring shares in FSL from Fauji Foundation for a total consideration of up to Rs32 billion.
The shareholders further resolved that following the amalgamation of Askari Securities Limited (ASL) with and into FSL, the related party transaction in relation to the rights of AKBL and Fauji Foundation (FF) as shareholders of FSL setting out AKBL's right to appoint at least the majority of the directors on the board of FSL in terms of the shareholders' agreement to be entered into between AKBL, FF and FSL.
To recall, the board of directors of AKBL, ASL and FSL, on January 11, 2022, had resolved for the amalgamation of ASL with and in to FSL.
Last year in October, AKBL had consented to the Expression of Interest (EOI) received by ASL from FSL to explore the possibility of merger and amalgamation of ASL with and in to FSL.
