JS Bank Extends Timeline for Public Announcement of Acquisition of BankIslami Pakistan Limited

Karachi, JS Bank Limited, a leading financial institution in Pakistan, has announced an extension in the timeline for making a public announcement regarding its intention to acquire more than 51% shares and control of BankIslami Pakistan Limited. The extension has been made in accordance with Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

JS Bank Limited has already entered into Share Purchase Agreements and is currently awaiting regulatory approvals to proceed with the transaction. Due to these pending approvals, the bank will be unable to make the public announcement of the offer within the initially stipulated timeframe of 180 days, starting from the publication of the PAl on May 16, 2023.

To comply with the regulatory requirements, JS Bank Limited, through its company secretary Hassan Shahid, has notified the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange Limited about the extension. The Acquirer has decided to extend the date for making the public announcement by an additional ninety (90) days, pushing the new deadline to August 14, 2023.

This extension will allow JS Bank Limited to complete the necessary regulatory processes and fulfill all requirements before making the official public announcement. The bank remains committed to the acquisition of BankIslami Pakistan Limited and is working diligently to ensure a smooth and successful transaction.