First Punjab Modaraba (PSX: FPJM) has sold its 100 percent shareholding in wholly-owned Punjab Capital Securities (Private) Limited to The Bank of Punjab (PSX: BOP) for Rs. 85.487 million, the Company informed the Pakistan Stock Exchange on Wednesday.

This comes after BOP in March received permission for the acquisition by the State Bank of Pakistan in extension to a green signal from its board of directors.

For BOP, the major objective for this acquisition is to leverage business growth in both Islamic and conventional means of the business of the subsidiary through direct investment. According to a previous filing, the bank also plans an equity injection in the post-acquisition phase to boost the operations of the financial sector.

Source: Pro Pakistani