December 13, 2021 (MLN): JS Bank Limited issued debt instrument in the form of privately placed, rated, unsecured, and subordinated Term Finance Certificates (TFCs) in the aggregate amount of Rs3 billion of the issuer (TFC Issue) pursuant to the Trust Deed dated November 16, 2016, executed between JS Bank Limited and Pak Brunei Investment Company Limited (Trustee), company filing on PSX showed today.
The decision to exercise the call option has been approved by the Board of Directors of the Issuer pursuant to the board resolution dated August 25, 2021, passed by the Board of Directors of the Issuer.
To note, the Issuer wishes to exercise the Call Option in full with respect to all outstanding TFCs under the TFC Issue, issued in the year 2016.
The company also received the approval of the State Bank of Pakistan (SBP) for the same in terms of their letter dated November 29, 2021. Thus, with the consent of TFC Holders vide extraordinary resolution dated November 23, 2021.
please note that the date to exercise the call option shall be December 28, 2021 when the issuer shall redeem in full the entire principal outstanding amount of Rs2.994bn along with accrued profit subject to deduction of Zakat and Tax at source as per applicable laws.
