JS Bank to acquire controlling stake in BankIslami Pakistan

March 03, 2023 (MLN): The Board of Directors of JS Bank Limited (PSX: JSBL) on Friday resolved to acquire 42.45% ordinary voting shares and control of Banklslami Pakistan Limited ('BIPL') (an associated entity) from existing sponsors and other shareholders of BIPL through agreements and a public offer for a minimum 24.88% ordinary shares of BIPL. 

That 470,603,772 shares of BIPL be acquired from the sponsors and other shareholders of BIPL including but not limited to, Jahangir Siddiqui & Co Limited, the holding company of the Bank through agreements he acquired against the issuance of 532,629,349 new shares of the Bank to be issued to them by way of other than rights and other than cash i.e. 1.1318 ordinary shares of the Bank to be issued as consideration for every 1 share of BIPL to be acquired by the Bank through agreements in accordance with the valuation carried out by the independent valuer. 

The acquisition is subject to necessary approvals from the shareholders of the bank, including a special resolution as required under Section 199 and Section 83(1)(b) of the Companies Act, 2017, and permission from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and the Competition Commission of Pakistan (CCP), as well as other regulatory approvals and compliance of all regulatory and statutory formalities.

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