BankIslami to consider divestment of shares in subsidiaries and associated companies

MG News | April 25, 2019 at 02:59 PM GMT+05:00

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April 25, 2019 (MLN): BIPL Securities, in a latest notification to Pakistan Stock Exchange (PSX), has stated that the Board of Directors has authorized BankIslami to explore and evaluate the strategic options including divestment of shares held by the Bank in one or more associated companies and subsidiaries, including but not necessarily limited to Shakarganj Food Products Limited and BIPL Securities Limited.

For such purpose, the Board has also approved the engagement of Elixir Securities Pakistan Limited and KPMG Taseer Hadi & Co. as advisor for Bank's investment in Shakarganj Food Products Limited and BIPL Securities Limited respectively.

The Board has also authorized the Bank to appoint such other consultants, valuators and advisors as may be required, including for conducting due diligence, valuation, negotiating non- binding offers with third parties and identifying relevant corporate, regulatory (including State Bank of Pakistan) and other consents and approvals required in this respect and thereafter, submitting its findings to the Board for its consideration.

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