JS Bank on Friday announced that it has completed the acquisition of majority voting shares and control of Bank Islami Pakistan Ltd (BIPL).
A notice to Pakistan Stock Exchange (PSX) bank said that the aquisition process has successfully been completed and bank acquired 67.33% ordinary share of Bank Islami Pakistan Ltd.
Bank Islami Pakistan Ltd now classified as a subsidary of the JS Bank.
A separate notice also issue in this notice Bank Islami said by virtue of execution of shares swap in a ration of 1.1318 ordinary shared of JS Bank Ltd for every 01 ordinary shares of Bank Islami held by Jahangir Siddiqui and Co Ltd under share purchase agreement the total shareholding of Jahangir Siddiqui and Co Ltd in Bank Islami as on 17 August 2023 is nil ordinary shares.
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