Karachi October 26 2021: J.R. Dallas Wealth Management, 870 South Denton Tape Road, Dallas, U.S.A has been removed from the acquisition of Escort Bank as per information shared at exchange.
Now Mr. Syed Sabur Rehman Chairman Progressive Group is the sole acquirer of the Escort Bank.
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The reason for removal of J.R. Dallas is that they have not provided the documents as required by you; hence they were removed as we cannot keep on waiting for the documents to be provided by them.
Earlier the management has received an intention to take over the majority shareholding of the company from an individual Mr. Syed Sabur Resham An and M/s Dallas Capital. Company is in process of complying all the requisite legal and regulatory requirements as laid under relevant laws. Upon receipt of intention, we have informed all the stakeholders and we will continue to update our worthy members according to the progress of transaction.
