FABL shareholders approve 75% stake sale in FBL to GFH

In a notification sent to PSX on 31/05/2024, Faysal Bank Limited (FABL) has announced the growth strategy continues amidst stake transfer, expansion, and the customer service focus.

At an Extraordinary General Meeting (EOGM) of Ithmaar, shareholders approved the sale or transfer of 75% of Ithmaar’s stake in FBL to GFH or its subsidiaries/nominee companies. This would constitute around 50% of FBL’s total outstanding shares, giving GFH controlling interest. The transaction is contingent upon regulatory approvals and compliance with legal requirements in Pakistan and Bahrain. An agreement is expected to be finalized soon, pending these approvals.

Despite the transaction, FBL intends to maintain its current growth strategy. This includes expanding its branch network, focusing on human resources, investing in technology and digital channels, and providing top-tier customer service with a wide range of Shariah-compliant products. FBL aims to remain the premier Islamic bank in Pakistan.

FABL shares were last trading at Rs. 44.90 today.