JS Bank to acquire over 86mn shares of BankIslami

MG News | March 08, 2022 at 01:47 PM GMT+05:00

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March 08, 2022 (MLN): The Board of Directors of JS Bank Limited (JSBL) in their meeting held on March 08, 2022, has resolved to invest into and acquire 86,316,954 shares of BankIslami Pakistan Limited (BIPL), (an associated entity) constituting to 7.79% paid-up capital of BIPL, from Emirates NBD BANK PJSC, at the rate of up to Rs13.24 per share, making the aggregate sale consideration to stand at up to Rs1.14 billion.

According to the notice issued to PSX, the proposed investment and acquisition of 7.79% paid-up capital of BIPL remains subject to approval by the shareholders of the company by way of a special majority at the upcoming Annual General Meeting of the Company (which is proposed to be held in Karachi on 30th March 2022, as well as permission of the State Bank of Pakistan and the Competition Commission of Pakistan and final consent from Emirates NBD BANK PJSC.

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