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KARACHI: Faysal Bank has said that its ultimate beneficial ownership will not change even if its parent entity proceeds with a potential sale of assets and Ithmaar Holding will remain its ultimate beneficial owner.

Ithmaar Holding B.S.C., the parent of Ithmaar Bank, has entered into memorandum of understanding with Al-Salam Bank-Bahrain for exploring potential acquisition by Al-Salam of a group of assets from Ithmaar Holding. Ithmaar Bank holds, directly and indirectly, approximately 66.78 percent of the total shareholding in Faysal Bank Limited (FBL). Ithmaar Bank is at present a wholly-owned subsidiary of Ithmaar Holding. In other words, Ithmaar Holding is the ultimate beneficial owner of the FBL shareholding.

“We further understand that in the event that the proposed transaction is undertaken, the FBL shareholding will not be part of the assets to be acquired by Al-Salam”, FBL said in its material information sent to Pakistan Stock Exchange on Tuesday. As such FBL’s ultimate beneficial ownership will not change, it added. “It is important to note that the proposed transaction is still in the very early stage and is not legally definitive”, FBL said.

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