The Board of Directors of Jahangir Siddiqui & Co. Ltd. (JSCL) has approved the investment and subscription of 165.46 million ordinary shares being offered by JS Bank Limited (JSBL) by way of rights at Rs. 10 each, for the aggregate subscription of the amount of Rs 1.65 billion in proportion to the company’s shareholding in JSBL.
In a notice to the Pakistan Stock Exchange (PSX), JSCL said that the investment is subject to the approval of the shareholders of the company by way of special resolution under Section 199 of the Companies Act, 2017.
The Board also resolved and approved to invest in and subscribe to a maximum of 55.1 million further (unsubscribed) shares of JSBL (which will be offered to all public shareholders of JSBL as right shares in accordance with their respective entitlement and which subsequently remain unsubscribed at the close of the subscription period) on the same terms and conditions and for the same consideration on which such right shares were offered to the public shareholders.
