In an Extra Ordinary General Meeting of Faysal Bank Limited held on Tuesday, July 10th 2018, shareholders passed a number of resolutions including an acquisition of 50 percent shareholding of Faysal Asset Management Limited (FAML) which is an associated company of Faysal Bank Limited.
The Bank’s shareholders decided to acquire 7,500,000 shares of FAML from Islamic Investment Company of the Gulf (Bahamas) Ltd. (a related party to the bank), which amounts to a 50% shareholding of the firm at the rate of PKR 30 per share.
Shareholders also approved an acquisition of 19.99% voting shares totaling 2,998,000 shares of FAML from Mr. Razi-ur-Rehman Khan, member of Board of Directors of FAML, at the rate of PKR 30 per share.
To give effect to these special resolutions, the President and CEO, Company Secretary and Chief Financial Officer of Faysal Bank Limited have been singly or jointly authorized to execute the Share Purchase Agreement and take all necessary actions to bring these resolutions to affect.
Shareholders of the bank further resolved to provide Capital Support of PKR 280 Million for FAML on request of the associated company, subject to compliance of all the regulatory approvals.