External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Ithmaar Holding has published minutes of its EOGM on Jun 13, 2024. To recall, EOGM was held on May 29, 2024 with one of the agenda to discuss and approve, subject to obtaining regulatory approvals, the proposed sale and transfer of certain assets and liabilities. We also release a note on May 29, 2024 covering approval of these agendas.</li><li>For the background, 66.67% shares of Faysal Bank (FABL) cumulatively owned by Ithmaar Holding, Ithmaar Bank or IB Capital (together termed as Faysal Bank JV) will be transferred to a SPV. And then 75% of the issued capital of that SPV will be transferred to GFH Financial Group (Notice ). This translates into indirect transfer of ~50% stake.</li><li>In detailed minutes presentation released on Jun 13, 2024, it is mentioned that, against this stake transfer, Ithmaar holding will receive US$225mn. This translates into total valuation of US$450mn for the Bank, in our view.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ithmaar Holding has published minutes of its EOGM on Jun 13, 2024. To recall, EOGM was held on May 29, 2024 with one of the agenda to discuss and approve, subject to obtaining regulatory approvals, the proposed sale and transfer of certain assets and liabilities. We also release a note on May 29, 2024 covering approval of these agendas.For the background, 66.67% shares of Faysal Bank (FABL) cumulatively owned by Ithmaar Holding, Ithmaar Bank or IB Capital (together termed as Faysal Bank JV) will be transferred to a SPV. And then 75% of the issued capital of that SPV will be transferred to GFH Financial Group (Notice ). This translates into indirect transfer of ~50% stake.In detailed minutes presentation released on Jun 13, 2024, it is mentioned that, against this stake transfer, Ithmaar holding will receive US$225mn. This translates into total valuation of US$450mn for the Bank, in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Faysal Bank (FABL): Ithmaar EOGM Minutes Released – Ithmaar to receive US$225mn

Event-Driven

<ul><li>Ithmaar Holding, the parent company of Faysal Bank Pakistan held its EOGM today to get approval of its shareholders for proposed sale and transfer of certain assets. Company has managed to get its shareholders approval for the proposed sale and transfer of certain assets, approximately US$695-715mn and liabilities, US$665-695mn.</li><li>The above mentioned agenda included following among others;</li><li>Faysal Bank Pakistan: 66.67% stake of Faysal bank will initially be transferred to a company entirely owned by Ithmaar Holding, Ithmaar Bank or IB Capital (together termed as Faysal Bank JV), subject to local regulatory approval.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ithmaar Holding, the parent company of Faysal Bank Pakistan held its EOGM today to get approval of its shareholders for proposed sale and transfer of certain assets. Company has managed to get its shareholders approval for the proposed sale and transfer of certain assets, approximately US$695-715mn and liabilities, US$665-695mn.The above mentioned agenda included following among others;Faysal Bank Pakistan: 66.67% stake of Faysal bank will initially be transferred to a company entirely owned by Ithmaar Holding, Ithmaar Bank or IB Capital (together termed as Faysal Bank JV), subject to local regulatory approval.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Faysal Bank: GFH Financial Group intends to acquire portfolio of Ithmaar Holding

Pakistan

Faysal Bank Limited was incorporated in Pakistan on October 3, 1994 as a public limited company under the provisions of the Companies Ordinance, 1984 (now companies Act, 2017). The Bank is mainly engaged in Conventional and Islamic Corporate, Commercial and Consumer banking activities.

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Faysal Bank Limited (FABL PK)

Topline Flash Note: Faysal Bank (FABL): Ithmaar EOGM Minutes Released – Ithmaar to receive US$225mn

Ithmaar Holding has published minutes of its EOGM on Jun 13, 2024. To recall, EOGM was held on May 29, 2024 with one of the agenda to discuss and...

Topline Securities

Topline Flash Note: Faysal Bank: GFH Financial Group intends to acquire portfolio of Ithmaar Holding

Ithmaar Holding, the parent company of Faysal Bank Pakistan held its EOGM today to get approval of its shareholders for proposed sale and transfer...

Topline Securities

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