KARACHI: Ithmaar Holding B.S.C. has approved the proposed sale and/or transfer of 75% of the current stake in Faysal Bank Limited (FBL) (translating into around 50% of the total outstanding shares of FBL, thereby the controlling interest) to GFH Financial Group B.S.C. (GFH) or any of its subsidiaries or nominee companies.
This decision was made during the Extraordinary General Meetings (EOGM) of shareholders of Ithmaar Holding B.S.C. and its two wholly owned subsidiaries Ithmaar Bank B.S.C. (Closed) and IB Capital B.S.C. (Closed) (together, “Ithmaar”) held on May 28 and May 29, 2024, according to a notice sent by Faysal Bank Limited to the Pakistan Stock Exchange (PSX) on Friday.
Ithmaar Bank B.S.C. (Closed), directly and indirectly through other group entities, holds a 66.7% stake in Faysal Bank Limited (FBL).
“One of the agenda items of the EOGM, which has been approved by the shareholders of Ithmaar, is the proposed sale and/or transfer of 75% of Ithmaar’s current stake in FBL (translating into around 50% of the total outstanding shares of FBL, thereby the controlling interest) to GFH / any of its subsidiaries or nominee companies,” read the notice.
The proposed transaction is subject to all necessary regulatory approvals and also full compliance with all legal requirements in Pakistan as well as in the Kingdom of Bahrain or other relevant geographies.
In this regard, an agreement is planned to be formalised in the next few weeks.
In its notice, FBL further said that even post execution of the transaction, it plans to maintain its current strategy of strong business growth through continued focus on effective execution of its strategic corporate plans based on accelerated branch network expansion, focus on human resources including continuity of leadership/ senior management team, investment in technology & digital channels and top of the line customer service coupled with the largest range of fully shariah compliant products, all translating into FBL’s mission to be the best Islamic Bank in Pakistan.
Further details will be disclosed once the transaction receives regulatory approval in Pakistan and Bahrain, it added.
