KARACHI: JS Bank has amended the public offer consideration for acquisition of 24.88 percent shares of BankIslami.
JS bank has taken a big step towards positively enhancing and developing minority shareholders of BankIslami Private Limited (BIPL).
The Board of Directors of JS Bank Limited (JSBL) amended consideration for the public offer portion for the acquisition of 24.88 percent shareholding of BankIslami from shares to cash offering.
JS Bank looks to acquire controlling stake in BankIslami
Earlier, BIPL minority shareholders were offered shares of JSBL subsidiaries, JS Global Capital Limited (JSGCL) and JS Investments Limited (JSIL). Some shareholders wanted a cash or Shariah-compliant consideration.
According to announcement by JS at PSX, “Subject to passing of a resolution of the members of JSBL by way of special majority, consideration for the public offer for a minimum 24.88 percent ordinary shares of BankIslami shall be in cash which shall be computed as per the methodology prescribed in the pertinent regulations.”
The offer, which is for Rs. 23 per share is at a significant premium to BIPL’s share price and both organizations will operate independently with separate management. In a slow market this acquisition has built a lot of interest and hopes.
JS Bank already owns 7.79 percent shares in BankIslami and is now looking for acquiring voting shares of the target company.
Copyright Business Recorder, 2023
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