JSCL sells 70.82% shares of NMBL to acquirers – Alfalah Securities Limited

Karachi: Jahangir Siddiqui and Company Limited (JSCL) has entered into an agreement with a group of investors for the sale of 21,245,185 ordinary shares (70.82% of the total paid-up capital) at a face value of PKR 10/share of Network Microfinance Bank Limited (NMBL).

According to Alfalah Securities Limited, the company has submitted an “Escrow Agreement” to the Karachi Stock Exchange on September 12 2011, according to which shares would be transferred to the investors after completion of regulatory and legal requirements.