PAKISTAN: First Paramount Modaraba (FPM), a non-banking Islamic financial institution, has acquired a 60% ownership stake in the FPM anti-money laundering/counter-terrorism financing screening solution business, a screening tool, operating both within and outside Pakistan. The business was independently valued at PKR334 million (US$1.2 million), with the transaction increasing FP Modaraba’s equity from PKR284.5 million (US$1.02 million) to PKR462.99 million (US$1.66 million).
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