Categories: News

Pak-Oman Company set to acquire Askari Investment Management for Rs 551 million

Board of Directors of Askari Bank (AKBL) have agreed to sell 33.5 million shares (100% of the paid-up share capital) of Askari Investment Management Limited (AIML) to Pak Oman Asset Management Company for Rs. 551 million.

The official notice to Pakistan Stock Exchange (PSX) stated that the purchase is subjected to the fulfillment of all legal and procedural formalities and obtaining of corporate and regulatory approvals by all concerned parties. It reads,

“It has pursuant to a resolution passed by the board of Pak Oman submitted a binding offer to acquire 33,500,000 shares of Askari Investment management Limited (AIML) constituting 100 per cent of the issued and paid-up share capital of AIML, to Pak Oman for an aggregate amount equal to Rs 551,000,000 which binding offer has been accepted by Askari Bank Limited by its board of Director on 5th January 2017.”

Askari Investment Management Limited (AIM), a wholly owned subsidiary of Askari Bank Ltd, is one of the leading asset management companies of Pakistan. AIML was incorporated in 2005 and is licensed by the Securities & Exchange Commission of Pakistan (SECP) to undertake Asset Management and Investment Advisory activities.

Pak Oman Asset Management Company Ltd. (POAMCL) is a non-banking finance company with the objective of acting as an investment manager for mutual funds of Pakistan and Oman.

Sponsored
Maheen Kanwal

Maheen Kanwal is a Tech Journalist at TechJuice. She covers the latest technological, telecom and business related, local & global news. (Reach at maheen@techjuice.pk)

Share
Published by
Maheen Kanwal

Recent Posts

Telecom Operators to Automatically Restore SIMs for Tax Filers

The Federal Board of Revenue (FBR) has introduced a comprehensive mechanism for blocking and unblocking…

1 hour ago

Trump’s Influence Fuels Bitcoin to Cross $100,000

Bitcoin broke the $100,000 mark for the first time on Thursday, driven by Trump's crypto-friendly…

2 hours ago

PSX Hits New Heights, Surges by 1,800 Points to Cross 97,000

On Thursday, the Pakistan Stock Exchange (PSX) 100 Index surged by 1,781.94 points, or 1.86%,…

2 hours ago

Pakistan’s IT Minister Defends Internet Restrictions: Here’s All We Know!

Shaza Fatima Khawaja, Minister of State for IT and Telecom, made it clear on Thursday…

3 hours ago

PayPal Resolves Global Outage Impacting Thousands

PayPal, the global payment processing company, announced on Friday that it had successfully resolved a…

4 hours ago

7,300 Teaching Interns Hired Across Punjab

LAHORE: Punjab government colleges have completed the recruitment of 7,354 teaching interns. The Higher Education…

5 hours ago