Dubai Bank PJSC, the majority shareholder of BankIslami (Pakistan) Limited (BIPL), has offered first refusal to Jahangir Siddiqui and Company Limited (JSCL) in connection with the sale of 14 percent BIPL stakes the foreign bank intended to sell.
Through issuing first refusal a seller allows a potential buyer to decide whether or not to it tends to buy the former's product before it is offered to other potential buyers. The JSCL received the right of first refusal in respect of 144.200 million shares, constituting 14.3 percent of total issued stocks of BIPL, the Dubai Bank wanted to sell.
The same offer, the JSCL Wednesday said in a stock filing, was also made to another shareholder of the BankIslami under the Shareholders' Agreement the two companies had signed with the Dubai based bank. "Decision on this offer of first refusal will be taken by our board," the JSCL said.