Faysal Bank eyes 50 percent of FAML stake

Faysal Bank intends to acquire 50 percent of Faysal Asset Management Limited (an associated company), ie, 7,500,000 shares, from Islamic Investment Company of the Gulf (Bahamas) Limited (IICGB) at the rate of Rs 30.00 per share subject to obtaining of all relevant regulatory and general meeting approvals.
According to material information sent to Pakistan Stock Exchange Thursday, the valuation of shares was calculated by KPMG Taseer Hadi & Company, Chartered Accountants and recommended by the Board of Directors of the Faysal Bank Limited for approval of the shareholders in a general meeting to be convened on March 6, 2018.