Faysal Bank acquires 19.99% voting shares of Faysal Asset Management

MG News | November 22, 2018 at 03:48 PM GMT+05:00

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November 22, 2018 (MLN): Faysal Bank Limited (FABL) has apprised in an official notification issued to the PSX, that the bank has acquired 19.99% voting shares of its Associated Company M/s. Faysal Asset Management Limited.

The bank has acquired 2.998 million shares from an individual named Razi-ur-Rehman Khan, and 50% shareholding, i.e. 7.5 million shares from Islamic Investment Company of the Gulf (Bahamas) – a related party of Faysal Bank- at the rate of PKR 30 per share.

Company Secretary and Head of Legal, Mr. Aurangzeb Amin has further added in the announcement, that this acquisition will enable Faysal Bank to capitalize on the natural synergies between a bank and an asset management company.

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