Karachi April 16 2025: Ithmaar holding have terminate discussion with GFH Financial Group for selling potential state of its financing and investment portfolio containing Faysal Bank shares.
“Ithmaar Holding B.S.C. (Ithmaar), the sponsor shareholder of Faysal Bank Limited and GFH Financial Group B.S.C. have mutually agreed to terminate the discussions regarding the potential acquisition of Ithmaar’s financing and investment portfolio” states the notification.
In May 2024, Extraordinary General Meetings (EOGMs) of shareholders of Ithmaar Holding B.S.C. and its two wholly owned subsidiaries, Ithmaar Bank B.S.C. (Closed) and IB Capital B.S.C. (Closed) (collectively referred to as “Ithmaar”), were convened on May 28 and 29. These meetings were held to deliberate on the planned sale or transfer of certain assets and liabilities of Ithmaar to GFH Financial Group B.S.C. (“GFH”).
At that time, Ithmaar Bank B.S.C. (Closed), both directly and indirectly through other group entities, held a 66.7% stake in Faysal Bank Limited (“FBL”). Among the key agenda items approved by Ithmaar’s shareholders was the proposed sale and/or transfer of 75% of Ithmaar’s shareholding in FBL—equivalent to approximately 50% of FBL’s total outstanding shares, representing a controlling interest—to GFH or its subsidiaries/nominee entities.
This proposed transaction was subject to obtaining all necessary regulatory approvals and fulfilling all legal requirements in Pakistan, the Kingdom of Bahrain, and other relevant jurisdictions. At the time, it was anticipated that a formal agreement would be executed within the following weeks, contingent on securing the required approvals. However, these discussions have since been mutually terminated.
