July 21, 2023 (MLN): The Tier-2 term finance certificates (TFC1) Holders of JS Bank Limited (PSX: JSBL) have approved the exercise of the Call Option on a date other than the redemption date; August 04, 2023, the company’s filing on PSX revealed today.
The Extraordinary Resolution was passed on July 14, 2023.
“On the Redemption Date, the issuer shall redeem in full the entire principal outstanding amount of Rs1.995 billion along with accrued profit (subject to deduction of Zakat and Tax at source as per applicable laws),” the notice reads.
To note, the Issuer issued debt instrument in the form of rated, unsecured, and subordinated Tier-2 TFCs in the aggregate amount of Rs2bn pursuant to the Trust Deed dated December 20, 2017, executed between the Issuer and Pak Brunei Investment Company Limited, the Trustee.
The decision to exercise Call Option was approved by the Board of Directors (BoDs) of JSBL to the Board Resolution dated March 8, 2023.
Moreover, JSBL received the approval of the State Bank of Pakistan for the aforementioned agenda in terms of its letter dated March 17, 2023.
