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)

Leave a Comment
Share
Published by
Maheen Kanwal

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

5 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

5 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

5 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

6 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

6 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

6 hours ago