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).
Pakistan is perhaps the only country in the world where armed focres are involved in lucrative business enterprises, which of course, are not free of corruption or its possibilities.
The Fauji Foundation (FF), is one of the largest conglomerates in Pakistan, with interests in fertilizer, cement, food, power generation, gas exploration, LPG marketing and distribution, financial services, employment services, and security services. It is run by former officers of Pakistani Armed Forces. FF's shareholding in its associated companies has a market value of $661 million, while the companies represent 3.3 percent of the total market capitalization at the Karachi Stock Exchange.
When soldiers are doing business, why on earth would they want to fight???
Comments are closed.