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Karachi, JS Bank Limited, acting as the Acquirer, has issued a Public Announcement of Offer (PAO) to acquire a significant stake in BankIslami Pakistan Limited. The offer aims to acquire 275,891,286 shares, which represents 24.88% of the paid-up capital of BankIslami Pakistan Limited, in accordance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Next Capital Limited, on behalf of JS Bank Limited, is pleased to submit this PAO, signaling the Acquirer’s intention to acquire a substantial portion of BankIslami Pakistan Limited’s shares. The PAO is a significant step in the acquisition process and adheres to the relevant regulatory requirements.
It is important to note that the Acquirer had initially announced its intention to make a public offer on November 17, 2022, as published in The News and Daily Jung. Subsequently, Next Capital Limited, representing the Acquirer, communicated an extension in the timeline for making the public offer through an announcement on May 15, 2023.
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