KARACHI:

The Army Welfare Trust (AWT) has announced that it has only received a non-binding offer from Fauji Foundation for acquisition of the entire or partial stake of AWT in Askari Bank, says a notice issued to the Karachi Stock Exchange (KSE) on Wednesday. Army Welfare Trust holds 50.57% shares in Askari Bank.

“An application has been made to the State Bank of Pakistan for its approval in order for the concerned parties to progress with the proposed acquisition,” adds the statement.

Askari Bank’s stock price fell Rs0.13 to close at Rs10.12 while Fauji Foundation shares also slumped during trade at the KSE, in line with the benchmark 100-share index drop.

Published in The Express Tribune, January 5th, 2012.