Sindh High Court issues directions to re-value defunct KASB Bank

MG News | April 19, 2018 at 01:52 PM GMT+05:00

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In a bourse filing informing relevant stakeholders, Bank Islamic today announced that Sindh High Court has disposed of petitions for setting aside the KASB and BankIslami merger and has also issued directions to revalue the defunct bank (KASB) again.

According to the notice, some minority and majority shareholders of the defunct KASB Bank had challenged the merger of defunct bank in to Bank Islami.

Furthermore, the bank informed that post revaluation of the defunct KASB Bank, if any material deviation is found, the shareholders will be compensated without any cost and liability to Bank Islami.

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