The Pak Oman Asset management Company Ltd (Pak Oman) will acquire 33.5 million or 100 per cent shares of Askari Investment Management Ltd (AIML) from the Askari Bank.

In this connection, the Board of Directors of Pak Oman and Askari Bank Limited approved the deal of an amount of Rs 551 million, the notice issued to the Pakistan Stock Exchange (PSX) said on Thursday.

According to the notice of Pak Oman, “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 5^th January 2017.”

However, the purchase is subject to fulfilment of all legal and procedural formalities, including execution of a binding share purchase agreement and obtaining of other corporate and regulatory approvals by all concern parties, the notice said.

In a similar notice of Askari Bank, a meeting of the Board of Directors of AKBL resolved to sell 33,500,000 shares of the AIML