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Faysal Bank to acquire up to 19.99% stake in asset management unit

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Faysal Bank to acquire up to 19.99% stake in asset management unit

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.