Karachi April 26 2023: Thee Board of Directors of JS Bank Limited in their meeting held on 26th, April, 2023 approved consideration for the public offer for a minimum 24.88 percent ordinary shares of BankIslami Pakistan Limited, as required to be made under the applicable regulations, shall be in cash, according to company filing to the exchange.
The transaction is subject to passing of a resolution of the members of the Bank by way of special majority. Earlier, the bank to make public offer for a minimum 24.88 percent shares of BankIslami in exchange for shares of JS Investments Limited and JS Global Capital Limited.
Additionally, tire Board has also resolved in the same aforesaid meeting to offer and issue to the existing Shareholders of the Bank 220,568,925 Ordinary) Shares by way of rights at PKR 10/- each (i.e. at par value), for tire aggregate subscription amount of PKR 2,205,689,250 (Rupees Two Billion Two Hundred Five Million Six Hundred Eighty Nine Thousand Two Hundred Fifty Only) in proportion to their respective share holdings in the ratio of 17 Right Shares for evey 100 Ordinary Shares (17% rights issue) held by the shareholders in accordance with the provisions of Section 83 of the Companies Act, 2017, and the Companies (Further Issue of Shares) Regulations, 2020.
The proceeds from the intended right issue will be used primarily for making consideration payment to such public shareholders of BIPL who would tender their shares to the Bank during the intended public offer, which has to be given in accordance with the provisions of Listed Companies (Substantial Acquisition of Voting Shares & Takeovers) Regulations, 2020. If any proceeds are left over after making consideration payments du ring the public offer process, these shall be used for the general business and operations of the Bank.
Furthermore, the Board also resolved in the same meeting that have resolved that (subject to passing of a resolution of the members of the Bank by way of simple majority) annual audited financial statements be circulated to the members through QR enabled code and web link within and as a part of the notice of general meeting, in line with Securities and Exchange Commission of Pakistan notification number S.R.O. 389(I)/2023, and as a consequence thereof, the practice of circulation of annual audited financial statements through CD be discontinued.