AKBL: Notifies sale of Askari Investment Management - By JS Research

<p></p><ul><li><span style="font-size:medium;">In a notice to the exchange, Askari Bank (AKBL) has notified that the Board of Directors of the bank has resolved to sell 33.5mn shares (100% of the paid-up share capital) of Askari Investment Management Limited to Pak Oman Asset Management for an aggregate amount of Rs551mn. It translates into a sale price of Rs16.45/share (vs. a cost of Rs10/share in the bank&rsquo;s book) and is likely to result in a one-time after tax earnings impact of Rs0.11/share (~4% of 2017E EPS) and a cash flow impact of Rs0.44/share. Our Target Price for AKBL stands at Rs25. </span></li></ul><p></p><p></p>