Faysal Bank to acquire 19.99pc voting shares in Faysal Asset Management

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LAHORE: According to a notification sent to the bourse, Faysal Bank revealed its intention to acquire up to 19.99 per cent share, equivalent to 2,998,000 shares at Rs30 per share of Faysal Asset Management Limited (FAML) from Razi-ur-Rehman Khan.

The notification read, “Faysal Bank intends to acquire up to 19.99 per cent voting shares of its associated company M/s Faysal Asset Management Limited i.e. 2,998,000 shares from Razi-ur-Rehman Khan.”

Furthermore, the company announced that “the valuation of shares has been calculated by KPMG Taseer Hadi & Company, chartered accountants at the rate of Rs30 per share.”

Faysal Bank Limited Board of Directors has approved the said acquisition of up to 19.99 per cent shares from Razi-ur-Rehman Khan of FAML, subject to all relevant regulatory and shareholders approvals.