KARACHI – Faysal Bank Limited (FBL) has officially announced the termination of discussions regarding the potential acquisition of Ithmaar Holding B.S.C.’s financing and investment portfolio.
In a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday, Faysal Bank confirmed that Ithmaar Holding, the sponsor shareholder of FBL, along with GFH Financial Group B.S.C., have mutually agreed to call off the talks related to the proposed acquisition.
“There is no other material aspect related to this matter that requires disclosure at this time,” the notice stated, adding that the company secretary was authorized by the Board of Directors to make the announcement.
The termination marks the conclusion of previously reported negotiations and indicates that FBL will no longer pursue the acquisition of Ithmaar’s assets.
