KARACHI: JS Bank Limited has expressed its intention to acquire more than 51 percent shares and control of BankIslami Pakistan Limited.

JS Bank Limited (the Acquirer) currently holds 7.79 percent shares of the BankIslami Pakistan Limited.

“On behalf of our Client, JS Bank Limited (herein referred to as the “Acquirer” or the “Client”), we Next Capital Limited, hereby submit Acquirer’s Public Announcement of Intention to acquire more than 51% shares and control of BankIslami Pakistan Limited (“Target”)”, material information sent to Pakistan Stock Exchange on Tuesday said.

BankIslami: JS Bank acquires 86,316,954 ordinary shares

The Acquirer (JS Bank Limited) currently holds 7.79 percent shares of the Target (BankIslami Pakistan Limited), it added.

Next Capital Limited has been appointed as Manager to the Offer by the Acquirer in accordance with regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

Copyright Business Recorder, 2022