Faysal Bank provides capital support of Rs. 280 million to Faysal Asset Management

Faysal Bank Limited is to provide capital support in amount of Rs. 280 million to Faysal Asset Management Limited.

The company also informed that the board of directors of the company are expected to meet and approve acquisition of 50 percent voting shares of Faysal Asset Management, acquisition of Faysal Bank by Faysal Asset Management and the aforementioned capital support.

Faysal Bank will seek approval of the board in order to acquire “up to 50% voting shares of Faysal Asset Management limited i.e. 7,500,000 shares, from Islamic Investment Company of the Gulf (Bahamas) Ltd., at the rate of PKR 30/- per share approved by the Board of Directors at its meeting held on January 29, 2018.”

In addition to that, during the EOGM called on 10^th of July, 2018, the shareholders will also approve “acquisition by Faysal Asset Management Limited of up to 19.99% voting shares of Faysal Asset Management Limited i.e. 2,998,000 shares from Mr. Razi-ur-Rahman Khan at the rate of PKR 30/- per share.”