May 31, 2024 (MLN): The shareholders of Ithmaar, which directly and indirectly through other Group Entities owns 66.7% shares of Faysal Bank Limited (PSX: FBL), have approved the sale and/or transfer of 75% of Ithmaar's current stake in FBL to GFH Financial Group B.S.C (GFH) or any of its subsidiaries or nominee companies.
This transaction will translate into around 50% of the total outstanding shares of FBL, thereby giving GFH a controlling interest. The said transaction is subject to all necessary regulatory approvals and full compliance with all legal requirements in Pakistan, as well as in the Kingdom of Bahrain and other relevant geographies.
An agreement is planned to be formalized in the next few weeks, with execution subject to all regulatory and legal approvals.
It is important to mention that, even post-execution of the transaction, FBL plans to maintain its current strategy of strong business growth.
This will be achieved through the continued focus on the effective execution of its strategic corporate plan, which includes accelerated branch network expansion, focus on human resources including continuity of leadership/senior management team, investment in technology and digital channels, and top-of-the-line customer service coupled with the largest range of fully Shariah-compliant products.
All these efforts will translate into FBL's mission to be the best Islamic bank in Pakistan.
