EOGM held for sale/transfer of certain assets, liabilities of Ithmaar to GFH

KARACHI: Faysal Bank Limited (FBL) on Friday said that an extraordinary general meeting (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) were held on May 28 and 29, 2024, with respect to planned sale/transfer of certain assets and liabilities of the Ithmaar to GFH Group B.S.C. (GFH).

The Ithmaar Bank B.S.C. (Closed), directly and indirectly through other Group Entities owns 66.7 percent shares of Faysal Bank Limited.

One of the agenda items of the EOGM, which has been approved by the shareholders of Ithmaar, was the proposed sale and/or transfer of 75 percent of Ithmaar’s current stake in FBL (translating into around 50 percent of the total outstanding shares of FBL, thereby the controlling interest) to GFH/any of its subsidiaries or nominee companies. The proposed transaction is subject to all necessary regulatory approvals and also full compliance with all legal requirements in Pakistan a well as in the Kingdom of Bahrain/other relevant geographies, material information sent to Pakistan Stock Exchange said.

In this regard, an agreement is planned to be formalized in the next few weeks (execution is subject to all regulatory and legal approvals).

In this respect, it is important to mention that, even post execution of transaction, FBL plans to maintain its current strategy of strong business growth through continued focus on effective execution of its strategic corporate plan based on accelerated branch network, focus on human resources including continuity of leadership/senior management team, investment in technology and digital channels and top of the line customer service coupled with largest range of fully Shariah compliant products, all translating into FBL’s mission to be the best Islamic Bank in Pakistan.

Copyright Business Recorder, 2024