Faysal Bank has disclosed that discussions regarding a potential acquisition by Ithmaar Holding B.S.C., the bank’s sponsor shareholder, and GFH Financial Group B.S.C. have been officially terminated.
“We wish to inform you that following detailed discussions, Ithmaar Holding B.S.C. (“Ithmaar”), the sponsor shareholder of Faysal Bank Limited and GFH Financial Group B.S.C., have mutually agreed to terminate the discussions regarding the potential acquisition of Ithmaar’s financing and investment portfolio,” Faysal Bank said in a disclosure at the Pakistan Stock Exchange (PSX) on Wednesday.
Faysal Bank confirmed that no further material issues or developments require public disclosure at this time. The board of directors has authorised the release of this information.
Earlier, on May 30, 2024, Ithmaar Holding B.S.C. approved the proposed sale and/or transfer of 75% of its stake in Faysal Bank (translating into around 50% of the total outstanding shares of FBL, thereby the controlling interest) to GFH Financial Group B.S.C. (GFH) or any of its subsidiaries or nominee companies.
Ithmaar Bank B.S.C. (Closed), directly and indirectly through other group entities, holds a 66.7% stake in Faysal Bank Limited (FBL).
After the announcement, Faysal Bank’s stock price dropped slightly by Rs 0.48 or 0.99% to Rs 47.85 as of 12:14 PM on April 16, 2025. This drop indicates a mild negative market reaction to the announcement regarding the termination of acquisition discussions.
According to the PSX website, Faysal Bank’s market capitalisation stands at Rs 72.6 billion, with approximately 1.52 billion shares in circulation, and a free float of 25%.
