Askari Bank sells 16.257m of ABL shares
KARACHI: Asakari Bank has sold 16.257 million shares of Allied Bank, it said in a communication sent to the Karachi Stock Exchange.
It said that it expects to have realized gains of Rs 1.731 billion through the sale.
An analyst said it was thought at one time that Askari Bank would never like to sell its shareholding of Allied Bank, because it retained despite offers by one of the major shareholders of Allied Bank.
“However, they now have decided to realize gains on this holding in order to avail the exemption of capital gains tax that they have till December 31, 2007,” he said.
Insurance and banking sectors can avail capital gains tax exemption till the end of this year because their financial year ends with the calendar year. In the recent weeks many insurance companies have realized capital gains in order to avail the exemption. Some banks are also expected to sell their holdings to book capital gains. staff report
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