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State Bank of Pakistan Approves Sale of BankIslami Shares to JS Bank

Date: August 07, 2023

The State Bank of Pakistan (SBP) has given its approval for Jahangir Siddiqui and Co. Limited (JSCL) to sell and transfer 235,684,306 shares of BankIslami Pakistan Limited (BIPL) to its subsidiary, JS Bank Limited (JSBL), as per a stock filing on Monday.

Additionally, the SBP has granted JSCL permission to subscribe to additional shares of JSBL, which are being issued through rights offering to all shareholders of JSBL and will be available for subscription by the public shareholders of JSBL.

In March, JS Bank initially announced its intention to acquire BankIslami shares through a shares swap agreement with JS Global Limited and JS Investments Limited. However, the bank later decided to offer cash consideration to the minority shareholders of BIPL.

BankIslami Pakistan Limited is a prominent Islamic bank in Pakistan, catering to customers for numerous years. The potential takeover of the bank by JS Group has attracted attention and speculation from the business community and investors. As a result, concerned parties filed applications against the transaction and sought an injunction from the Sindh High Court (SHC) to halt the acquisition process.

In June, the SHC dismissed all applications against JSBL’s acquisition of BIPL shares, allowing the bank to proceed with the purchase as planned.

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