PAKISTAN: The Securities and Exchange Commission of Pakistan has approved Faysal Bank to issue up to 107 million ordinary shares through a placement other than a rights issue against the conversion of PKR7 billion (US$24.7 million) in Sukuk if a point of non-viability trigger is declared by the State Bank of Pakistan.
The approval is subject to certain conditions including the bank being required to maintain sufficient authorized share capital to accommodate the maximum potential conversion, issuing the shares in book-entry form and notifying the regulator within seven days should any conversion occur, providing details of the shares issued and the Sukukholders receiving them, among others.
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