JS Bank shareholders approve conversion of Rs3.5bn TFCs into common shares

MG News | April 01, 2024 at 12:05 PM GMT+05:00

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April 01, 2024 (MLN): The shareholders of JS Bank Limited (PSX: JSBL) have approved the conversion of Term Finance Certificates, issued on August 31, 2023, of Rs3.5 billion into common shares, bank’s filing on PSX revealed today.

The aforesaid resolution is subject to direction by the State Bank of Pakistan (SBP) on the occurrence of a point of non-viability in compliance with the 'Instructions for Basel III Implementation in Pakistan' issued by SBP.

The maximum number of shares in this case is to be 924.772 million, or any other number as may be agreed upon in consultation with the central bank.

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