Faysal Bank Limited (FABL) has announced the acquisition of 19.99 per cent voting shares of its associated company, M/S Faysal Asset Management Limited (FAML).
The bank announced the acquisition in a notice sent to Pakistan Stock Exchange (PSX).
The bank has also acquired 2.99 million shares from an individual named Razi-ur-Rehman Khan, and 50 per cent shareholding, i.e. 7.5 million shares from Islamic Investment Company of the Gulf (Bahamas) – a related party of Faysal Bank- at the rate of PKR 30 per share.
With this transaction, Faysal Bank now holds almost 100 per cent shares of Faysal Asset Management Ltd.
The stock filing further said the acquisition will enable Faysal Bank to capitalize on the natural synergies between a bank and an asset management company.
Previously in June, the board of directors of Faysal Bank Limited had decided to acquire almost 100 per cent shareholding in the Faysal Asset Management Company. The plan for investment was worth 315 million rupees.
Faysal bank’s share at the bourse was closed at Rs25, up by Rs0.10 with a turnover of 35000 shares.
Faysal Bank Limited is one of the growing banks, which is converting its conventional banking system into a Sharia-compliant banking system. Faysal Bank’s operation now spreads over more than 120 cities with over 400 (including 197 Islamic) branches and 372 ATMs all over the country.