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Karachi, BankIslami Pakistan Limited reports JS Bank Limited’s successful acquisition of a significant stake in BankIslami Pakistan Limited, in accordance with the Securities Act, 2015 and PSX Regulations.
In line with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Regulations, BankIslami Pakistan Limited has shared the material information conveyed by JS Bank Limited.
JS Bank Limited, through its letter Ref.#JSB-192-2023 dated August 25, 2023, announced the accomplishment of its Public Announcement of Offer, initially made on June 27, 2023. The offer was facilitated by Next Capital Limited, acting as the Manager to the Offer, and involved the acquisition of a controlling stake in BankIslami Pakistan Limited (“BIPL”).
JS Bank Limited’s successful completion of this acquisition resulted in the acquisition of 67.33% of ordinary shares of BIPL. The transaction was achieved through a combination of agreements and a public offer.
This acquisition underscores JS Bank Limited’s strategic moves to enhance its presence and strategic position within the banking industry.
The post BankIslami Pakistan Limited Shares JS Bank’s Completion of BankIslami Pakistan Limited Acquisition appeared first on Pakistan Company News.