Faysal Bank to acquire FAML shares

KARACHI: Faysal Bank Limited has plans to acquire 50 percent shares of Faysal Asset Management Limited (FAML) from Islamic Investment Company of the Gulf (Bahamas) Ltd, a bourse filing said on Thursday.

“Subject to obtaining of all relevant regulatory and general meeting approvals, Faysal Bank intends to acquire 50 percent shares of FAML (an associated company) ie 7,500,000 shares, from Islamic Investment Company of the Gulf (Bahamas) Limited (IICGB) at the rate of Rs30/ share,” the bank said in its notice to the Pakistan Stock Exchange.

The valuation of the shares has been calculated by KPMG Taseer Hadi & Company, chartered accountants. The bank in its notice said a general meeting would be convened on March 6, 2018 for the recommendation from the board of directors for approval of the shareholders.