JS Bank to acquire controlling stake in BankIslami Pakistan
The Board of Directors
of JS Bank Limited (PSX: JSBL) on Friday decided to acquire 42.45%
ordinary voting shares and control of Banklslami Pakistan Limited ('BIPL') from
existing stakeholders through agreements and a public offer for a minimum
24.88% ordinary shares of BIPL.
The acquisition is subject to necessary
approvals from the shareholders of the bank, including a special resolution as
required under Section 199 and Section 83(1)(b) of the Companies Act, 2017, and
permission from the State Bank of Pakistan (SBP), Securities and Exchange
Commission of Pakistan (SECP) and the Competition Commission of Pakistan (CCP),
as well as other regulatory approvals and compliance of all regulatory and
statutory formalities.
Source: Mettis Global