Faysal Bank Ltd. plans to acquire a stake of up to 19.99% in its associated company Faysal Asset Management Ltd. from Razi-ur-Rehman Khan.
The bank will acquire 2,998,000 shares of Faysal Asset Management at 30 Pakistani rupees per share, according to a May 31 release.
The acquisition is subject to regulatory and shareholder approvals.
As of May 31, US$1 was equivalent to 115.60 Pakistani rupees.
