Bank Al-Habib acquires Habib Asset Management Limited
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MG News | May 21, 2020 at 11:48 AM GMT+05:00
May 21, 2020 (MLN): Bank Al Habib Limited has announced that it has acquired Habib Asset Management Limited (HAML) after receiving regulatory approvals from SBP, SECP, CCP, and the shareholders of the Bank in their AGM held on April 14, 2020.
The company has acquired the remaining 70% (in addition to its existing 30% shareholding) of the issued and paid-up share capital of Habib Asset Management Limited ("HAML") from its existing shareholders at a price of Rs. 7.25 per share, amounting to Rs. 152,250,000, revealed a notification to PSX.
As a result of the aforesaid acquisition of shares, HAML has become Bank's wholly-owned subsidiary.
Further, the regulatory and shareholders' approvals have also been sought for injection of additional equity amounting up to Rs. 450,000,000 into HAML so that HAML can meet the minimum capital requirements prescribed by SECP and to further support the business operations of HAML.
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