Askari Bank Limited has announced its intention to exercise the Call Option on its PKR 6 billion Term Finance Certificates (TFCs), according to a filing by the bank at the Pakistan Stock Exchange (PSX) on Friday.
“Notice is hereby given to the TFC Holders of the Rated, Subordinated and Unsecured Term Finance Certificates in the aggregate amount of PKR 6,000,000,000/- (Pak Rupees Six Billion) of Askari Bank Limited, that the Issuer wishes to exercise the Call Option in full in respect of the TFC Issue in accordance with Clause 3.12 of the Trust Deed dated December 24, 2019 executed between the Issuer and Pak Oman Investment Company Limited and Clause 27 of the Terms and Conditions contained in Schedule 2 of the Trust Deed,” read the notice sent to the bourse.
The redemption will take place on September 17, 2025, with the bank set to repay the entire principal amount of PKR 6 billion, along with accrued profit, subject to the deduction of Zakat and tax at source.
The bank confirmed that the transfer books related to the TFC issue will remain closed from September 2, 2025, to September 16, 2025, inclusive. Only transfers received by the Registrar, CDC Share Registrar Services Limited, by the close of business on September 1, 2025, will be eligible for entitlement under the Call Option.
This move comes in accordance with the provisions outlined in the Trust Deed and the terms outlined in the TFC’s schedule.
