April 8, 2020 (MLN): BankIslami Limited, considering the request of AKD Securities to acquire 77.12% of its shareholding, has decided that the latter did not participate in the formal process initiated by BankIslami through its adviser KPMG Taseer Hadi & Co. for the sale of its shareholding in BIPLS.
Therefore, BankIslami has, with a view to preserve the sanctity of its sale process and in the interest of fairness, decided to decline AKD’s request to take part in the due diligence process and b provided access to the data room at the stage.
However, in the event that the negotiations with the current potential buyers do not proceed in a manner satisfactory to BankIslami, then AKD’s request may be considered at that time.
To recall, Topline Securities Limited had submitted a Public Announcement of Intention to acquire up to 77.12% of issued and paid-up capital along with management control of BIPL Securities, on behalf of AKD Securities.
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