KARACHI: Askari Bank Ltd said on Friday the Sindh High Court has sanctioned the proposed merger of its wholly owned subsidiary, Askari Securities Ltd, with and into Foundation Securities Ltd.

Last year, the bank’s board of directors approved a scheme of arrangement under which all assets and liabilities of Askari Securities were to be transferred to Foundation Securities against 27.1 million shares of the latter worth Rs10 each. As a result, Askari Securities Ltd would stand dissolved without winding up.

Foundation Securities Ltd is wholly owned by Fauji Foundation. The Fauji Foundation Group, which includes two fertiliser plants as well as the Fauji Foundation itself, owns 71.9pc of Askari Bank Ltd.

Published in Dawn, April 8th, 2023