LAHORE: A bourse notification filed Thursday by Faysal Bank Limited disclosed its plan to acquire 50 percent shares in its associate Faysal Asset Management Limited.
Faysal Bank intends to acquire over 7,500,000 shares (50 percent) from Islamic Investment Company of the Gulf (Bahamas) at a price of Rs 30 per share per valuation computated by KPMG Taseer Hadi & Company.
This proposal with go-ahead of the bank’s board of directors will be put for approval in a general meeting called on March 6, 2018, read the notification.
In end-January, Faysal Bank’s parent owner Ithmaar Bank based in Bahrain had declared its intention of opening over 100 branches of the former in Pakistan during 2018.
Ithmaar Bank which owns 66 percent majority stake in Faysal Bank, whose contribution to the Islamic retail bank’s overall balance sheet is expected to grow to more than half as a result of this planned expansion, Ithmaar Deputy Chief Executive Abdul Hakeem al-Mutawa had said.
Faysal Bank Limited, together with its subsidiaries, provides banking services in Pakistan. The company operates through four segments: corporate Finance; trading and sales; retail banking; and corporate and commercial banking.
FBL’s shares were trading at Rs23.90, down Rs0.10 and KSE-100 index was trading at 43,904.93 points, down 191.6 points from close on Wednesday
