JS Bank acquiring Bank Islami with management control
ISLAMABAD: JS Bank has decided to acquire Bank Islami Limited Pakistan (BIPL) with management control.
JS Bank Limited is planning to make a public offer to acquire a minimum of 24.88% ordinary shares of BIPL from all public shareholders, subject to approval by the bank’s members under Section 1833 of the Act.
The offer will be made in exchange for a maximum of 59.56% shares of JS Investments Limited (JSIL) and 67.90% ordinary shares of JS Global Capital Limited (JS Global) currently held by the bank, Mettis Global reported today.
“JS Global Capital Limited (the “Company”) has viewed a public disclosure/information on PUCARS from our holding company, JS Bank Limited on March 3, 2023, the extract of which is re-stated,” the notice sent to PSX read on Monday.
Furthermore, subject to the approval of members of the Bank by any special majority under Section 1833 of the Act, the public offer to be made for a minimum of 24.88% ordinary shares of BIPL to all public shareholders of BIPL shall be made in exchange for (as consideration) a maximum of 59.56% shares of JS Investments Limited (JSIL) and aim of 67.90% ordinary shares of 15 Global Capital Limited (JS Global’s in combination) currently held by the Bank is required and permissible under the Regulations
The offer is aimed at strengthening the bank’s position in the market by acquiring a significant stake in BIPL, which is a leading player in the industry. The exchange of shares in JSIL and JS Global as consideration for the acquisition is expected to create value for the bank’s shareholders.
The move is in compliance with the regulations governing such transactions, and the bank is optimistic about the outcome of the offer. The acquisition, if successful, will enable JS Bank to expand its business and diversify its portfolio, further cementing its position as a market leader.
JS Bank is committed to providing its customers with the best services and products and believes that the acquisition of BIPL shares is a step towards achieving that goal. The bank remains confident in its ability to deliver value to its stakeholders and continue its growth trajectory in the years to come. Courtesy: Mettis Global
