KARACHI: The Board of Directors of JS Bank Limited has resolved to acquire 86,316,954 shares (7.79 percent paid-up capital) of BankIslami Pakistan Limited (BIPL), subject to necessary corporate/regulatory consents and approvals.

According to material information sent to Pakistan Stock Exchange, the Board of Directors of JS Bank Limited resolved that subject to necessary approvals from the shareholders of the Bank by way of special resolution as required under Companies Act, 2017, and permission from the State Bank of Pakistan and the Competition Commission of Pakistan, consent and approvals be and is hereby accorded to the Bank to invest into and acquire 86,316,954 shares of BankIslami Pakistan Limited (an associated entity) constituting to 7.79 percent paid-up capital in BIPL, from Emirates NBD Bank PJSC, at the rate of Rs 13.24 per share, making the aggregate sale consideration to stand at up to Rs 1,142,836,470.96.

The proposed investment and acquisition of 7.79 paid-up capital of BIPL remains subject to approval by the shareholders of the Company by way of special majority at upcoming Annual General Meeting of the Company (which is proposed to be held on March 30, 2022 at Karachi) as well as permission of the State Bank of Pakistan and the Competition Commission of Pakistan and final consent from Emirates NBD Bank PJSC, it added.

Copyright Business Recorder, 2022