Karachi December 13 2021: JS Bank Limited issued debt instrument in the form of privately placed, rated, unsecured and subordinated Term Finance Certificates (TFCs) in the aggregate amount of PKR 3,000,0000,000/- (Pak Rupees Three Billion) of the Issuer (TFC Issue) pursuant to the Trust Deed dated November 16, 2016 executed between JS Bank Limited (Issuer) and Pak Brunei investment Company Limited (Trustee).
The Issuer wishes to exercise the Call Option infull with respect to all outstanding TFCs under the TFC Issue, issued in the year 2016. The decision to exercise Call Option has been approved by the Board of Directors of the Issuer pursuant to the Board Resolution dated August 25, 2021 (copy enclosed), passed by the Board of Directors of the Issuer.
Moreover, JS Bank confirms that they have received the approval of State Bank of Pakistan (SBP) for the same in terms of their letter dated November 29, 2021. Thus, with the consent of TFC Holders vide extraordinary resolution dated November 23, 2021 (the "Extraordinary Resolution"), please note that the date to exercise the Call Option shall be December 28,2021 ("Redemption Date"). On the Redemption Date, the Issuer shall redeem in full the entire principal outstanding amount of PKR 2,994,000,000/- (Pak Rupees Two Billion Nine Hundred Ninety Four Million only) along with accrued profit (subject to deduction of Zakat and Tax at source as per applicable laws).
On the Redemption Date, the entire principal outstanding amount of PKR 2,994,000,000 (Pak Rupees Two Billion Nine Hundred Ninety Four Million only) of the TFC issue along with accrued profit (subject to deduction of Zakat and Tax at source as per applicable laws) shall be redeem by the Issuer in full.
Related Posts
