BIPL discontinues transaction of sale of 8 mln shares of BankIslami Modaraba Investments to BRR Investment Limited

MG News | June 08, 2020 at 12:32 PM GMT+05:00

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June 8, 2020 (MLN): The BankIslami Pakistan (BIPL) via notification to Exchange has informed that it has discontinued the Proposed Transaction for the sale of 8,000,000 shares of BankIslami Modaraba Investments Limited (BMIL) which represents 100% of the issued and paid up ordinary share capital of BMIL, to BRR Investment Pvt. Limited.

The decision to discontinue transaction taken due to failing to secure the necessary regulatory approvals.

Earlier, the Bank had approved the Proposed Transaction, subject to procurement of all corporate and regulatory approvals and finalization of transaction documentation.

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