JS Bank Limited Delays Public Announcement of Offer to Acquire Majority Shares and Control of Bank Islami Pakistan Limited

Karachi, Bank Islami Pakistan Limited has announced that JS Bank Limited, acting as the sponsor shareholder, will delay the public announcement of its offer to acquire more than 51% shares and control of the company. The delay is attributed to pending regulatory approvals and the need to finalize Share Purchase Agreements.

The Public Announcement of Intention (PAl) was originally published on November 17, 2022, outlining JS Bank Limited’s plans for acquiring a majority stake in Bank Islami Pakistan Limited. However, due to the ongoing regulatory processes, the Acquirer will be unable to fulfill the requirement of making the public offer within 180 days of the PAl publication, which falls on May 16, 2023.

The Acquirer is currently in the process of securing the necessary regulatory approvals to proceed with the transaction. While the delay in the public offer is regrettable, it highlights the importance of fulfilling all regulatory requirements before finalizing the acquisition.

Bank Islami Pakistan Limited assures stakeholders that it will continue to cooperate with JS Bank Limited and relevant regulatory authorities to ensure a smooth and compliant acquisition process. Both parties remain committed to completing the transaction successfully and in accordance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.