Karachi March 15 2023: Acquisition of majority shares and control of Banklslami Pakistan Limited by JS group is subject to the outcome of the appeal says Sindh High Court.
The JS Bank states in a notice issued to the Pakistan Stock Exchange informed that, “With reference to om disclosure of material information dated March 07, 2023, whereby it was intimated that based on the application filed by (i) Muhammad Ayub Tareen, (ii) Mohsin Balaghamwala, (iii) Asif Mannan, and (iv) AKD Investment Management Limited, an interim
injunction was granted against tlle proposed acquisition of majority shares and voting control of
BankIslami Pakistan Limited by JS Bank Limited.
Subsequently, on March 14, 2023, tile Honorable High Court of Sindh (based on an appeal filed by the Bank against tile injtmction) has allowed the Bank to carryon the process of the proposed
acquisition of majority shares and control of Banklslami Pakistan Limited subject to the outcome
of the appeal.”
