February 17, 2023 (MLN): The board of directors of Jahangir Siddiqui & Company Limited (JSCL) has approved the sell of the entire investment and shareholding of BankIslami Pakistan Limited (BIPL) to its subsidiary JS Bank Limited (JSBL).
A notice issued by JSCL to PSX shows that the company is selling 235,684,306 ordinary shares, representing 21.26% of the issued and paid-up capital of BIPL, in exchange for consideration of 266,747,498 ordinary shares of face value Rs10 per share each of JSBL, to be issued to the company as new other than rights and other than cash issue based on the valuation carried out by an approved and independent valuer.
After obtaining approval from the shareholders via a special resolution, the company will submit a formal application to the State Bank of Pakistan (SBP) for approval of the sale of shares of BIPL to JSBL and for making additional investments in new shares of JSBL.
All formalities pertaining to unfreezing and transfer of the company's sponsor shares of BIPL to JSBL, and deposit and freezing of the additional shares of JSBL to be received as consideration, will be fulfilled in accordance with the applicable laws.
