Faysal Bank Limited (KASE:FABL) agreed to acquire 50% stake in Faysal Asset Management Limited from Islamic Investment Company Of The Gulf (Bahamas) Limited for PKR 230 million on January 29, 2018. As per the terms of agreement Faysal Bank Limited will acquire 7.5 million shares at PKR 30 per share. The Board of Directors of Faysal Bank Limited recommended the transaction to shareholders on January 29, 2018. The transaction is subject to approval of shareholders of Faysal Bank Limited. The meeting of shareholders will take place on March 6, 2018. As of June 11, 2018, Faysal Bank Limited will conduct its shareholders meeting on July 10, 2018. On July 10, 2018, shareholders of Faysal Bank Limited approved the acquisition at an extraordinary general meeting. KPMG Taseer Hadi & Co. acted as accountant for Faysal Bank Limited. Faysal Bank Limited (KASE:FABL) completed the acquisition of 50% stake in Faysal Asset Management Limited from Islamic Investment Company Of The Gulf (Bahamas) Limited on November 22, 2018. In another transaction, Faysal Bank Limited also acquired additional 19.99% stake in Faysal Asset Management Limited from Razi-ur-Rehman Khan. On completion of both the transactions, Faysal Bank Limited held an aggregate of 99.99% stake in Faysal Asset Management Limited. All requisite regulatory approvals have been obtained.