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Planned acquisition of Ithmaar’s certain assets to BBK abandoned

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July 8, 2021 (MLN): Plans of the Bank of Bahrain and Kuwait (BBK) to acquire certain assets from Ithmaar Holding (Ithmaar) have been abandoned.

To note, both entities entered into a memorandum of understanding (MOU) on September 14, 2020 for the purpose of a possible acquisition by BBK of certain assets from Ithmaar.

However, following preliminary due diligence and discussions, both parties could not agree on amicable terms and conditions that would maximize their shareholders' interests. Accordingly, both parties have agreed to abandon all efforts in this connection.

As per the notice issued by Faysal Bank Limited (FABL) to PSX, the above-mentioned transaction, as it was originally proposed and being discussed, did not include the shares of FABL, held by Ithmaar Bank BSC and as such the transaction would not have affected the ultimate beneficial ownership of Faysal Bank Ltd.

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Posted on: 2021-07-08T14:02:00+05:00

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