JS Bank plans to enhance its shareholding by over 51 percent in BankIslami to attain the status of the majority shareholder in the bank.
In this regard, the bank through its manager to offer, Next Capital Limited, has submitted a public announcement of intention to acquire more than 51 percent shares under the Securities Act 2015 and the Listed Companies Regulations 2017, according to a stock filing.
JS Bank already owns 7.7 percent shares in BankIslami whilst it’s parent company Jehangir Siddiqui & Co. Limited also holds 21.26 percent shares hence altogether the group owns over 28 percent of shares.
The transactions will be subject to the approvals of the regular authorities and shareholders of the two banks.
