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.