The Fauji Consortium has signed a share purchase agreement with the Army Welfare Trust (AWT) for stakes in Askari Bank. The consortium, which is comprised of Fauji Foundation, Fauji Fertilizer Company Limited, and Fauji Fertilizer Bin Qasim Limited, would purchase the bank’s shares from AWT at Rs 24.32 per share. AWT is Askari Bank’s majority shareholder. The bank and Fauji Foundation have confirmed to their respective shareholders at the country’s stock exchanges that the two sides have entered into a share purchase agreement. The deal however is subject to the approval of regulators from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP).