Karachi March 9 2022: The Board of Directors of JS Bank Limited in their meeting held on March 08, 2022, have resolved that subject to necessary approvals from the shareholders of the Bank by way of special resolution and permission from the State Bank of Pakistan and the Competition Commission of Pakistan, consent and approval be and is hereby accorded to the Bank to invest into and acquire 86,316,954 shares of BankIslami Pakistan Limited (“BIPL”), (an associated entity) constituting to 7.79% paid-up capital of BIPL, from Emirates NBD BANK PJSC, at the rate of upto PKR 13.24 per share, making the aggregate sale consideration to stand at upto PKR 1,142,836,470.96.
The proposed investment and acquisition of 7.79% paid up capital of BIPL remains subject to approval by the shareholders of the Company by way of special majority at the upcoming Annual General Meeting of the Company as well as permission of the State Bank of Pakistan and the Competition Commission of Pakistan and final consent from Emirates NBD BANK PJSC.
AGM is proposed to be held at Karachi on 30th March, 2022, at 10:00 a.m.
JSCL holding/parent company of JS Bank has already hold 21.26 percent (235,684,306) shares of BIPL and JSCL has representation on the Board of BIPL. As per the information available with the Bank, major shareholders, sponsor and directors (or their relatives) of the Bank have no direct or indirect interest in the transaction or in BIPL except to the extent of their shareholding, if any, in BIPL.
