The negotiations for the acquisition of 99.95 percent shares of Sigma Leasing Corporation Limited between BankIslami Pakistan Limited and the owners of Sigma Leasing Corporation has not materialised, as both parties have mutually decided not to pursue the transaction further, due to changes in tax laws.
The BankIslami Pakistan Limited had entered into a memorandum of understanding (MoU) for acquisition of 99.95 percent shares of Sigma Leasing Corporation Limited with the owners of Sigma Leasing Corporation along with management control, subject to necessary due diligence and approvals from the relevant regulatory authorities.