JS Global decides to participate in the acquisition process of BIPL Securities

MG News | February 21, 2020 at 10:25 AM GMT+05:00

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February 21, 2020 (MLN): The Board of Directors of JS Global Capital Limited has decided to participate in the process for acquisition of up to 77,117,500 ordinary shares of Rs. 10 each of BIPL Securities Limited (BIPLS).

These shares constitute 77.12% of the total issued and paid-up share capital of BIPLS, revealed an official notification sent by the company to Exchange.

For this purpose, the BODs have authorized the management to conduct detailed due diligence, work out share value and appoint advisors/consultants.

Furthermore, the Public Announcement of Intention under Regulations, 2017 has been submitted through the Manager to Offer, Shajar Capital Pakistan (Private) Limited to the SECP, PSX and BIPLS.

The BODs of JS Global also decided to acquire/purchase three floors in “The Centre” building from JS Land Private Limited, a related party at an estimated cost of around Rs 800 million under companies act 2017.

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