KARACHI: The board of directors of Askari Bank Limited (AKBL), Askari Securities Limited (ASL) and Foundation Securities (Private) Limited (FSL) have resolved for the Amalgamation of ASL with and into FSL subject to necessary regulatory and shareholders’ approvals.

ASL, a securities brokerage company, holding trading rights entitlement certificate, is a wholly owned subsidiary of AKBL which is a public listed company with its shares listed on Pakistan Stock Exchange; whereas, FSL, also a securities brokerage company holding trading rights entitlement certificate, is majority owned by Fauji Foundation.

Copyright Business Recorder, 2022