Karachi: The Army Welfare Trust is pleased to announce that it has approved the non-binding indicative offer made by the Fauji Foundation to purchase (alone or together with one or more of its affiliated entities) up to 100% of AWT’s shareholding in Askari Bank Limited (AKBL), subject to obtaining of all regulatory approvals under the applicable laws and regulations. The exact number of shares to be purchased, the per-share purchase price and other terms and conditions of the proposed transaction will be finalized by the parties after obtaining regulatory approvals and completion of due diligence.
The successful consummation of the proposed transaction will provide the platform for maintaining and strengthening the Banks competitive advantage to play a leading role in the sector and maximize value for its shareholders.
Army Welfare Trust and Fauji Foundation are in the process of making applications to the concerned regulatory bodies for grant of necessary approvals.
We kindly request you to bring this information to the attention of all members of exchange immediately through all necessary and appropriate means.
For more information, contact:
Askari Bank Limited
AWT Plaza, The Mall, P.O. Box 1084,
PABX: + 92 51 972150-3,
Fax: + 92 51 9272445