JS Bank delays PAO for acquisition of BIPL by 90 days

MG News | May 16, 2023 at 10:08 AM GMT+05:00

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May 16, 2023 (MLN): JS Bank Limited (PSX: JSBL) has encountered a delay in making the Public Announcement of the Offer (PAO) to acquire more than 51% shares and control of BankIslami Limited (PSX: BIPL) within the stipulated timeframe of 180 days, BIPL informed through a notice to exchange on Tuesday.

Consequently, the acquirer has extended the date for making a Public Announcement of the Offer by ninety (90) days up to August 14, 2023.

The delay is a result of pending regulatory approvals necessary for the completion of Share Purchase Agreements (SPA) with BIPL.

JS Global had entered into Share Purchase Agreements with BIPL, marking a significant step in their strategic expansion plans. However, the completion of the transaction and subsequent Public Announcement of the Offer is contingent upon receiving regulatory clearance from the relevant authorities

Earlier, the manager of the offer, Nex Capital Limited also notified the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange Limited (PSX) on behalf of the acquirer.

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