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JS Bank to Acquire Stake in BankIslami to Share Swap Agreement

By entering into a shares swap agreement with JS Global Limited and JS Investments Limited, JS Bank has decided to purchase shares in BankIslami.

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The public offer will be made in exchange for up to 59.56 percent of the ordinary shares of JS Investments Limited and up to 67.90 percent of the ordinary shares of IS Global Capital Limited that the JS Bank currently owns (in combination), as required and permitted by the regulations, according to the stock filing.

It went on to say that the public offer would be made to the bank’s entire public shareholder base for a minimum of 24.88 percent of the bank’s ordinary shares. In light of a due diligence investigation, the decision was made at a recent board of directors meeting.

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An impartial valuer completes the successful due diligence exercise and acceptable valuations. Accordingly, agreements and a public offer for a minimum of 24.88 percent ordinary shares of BankIslami may be used to acquire approximately 42.45 percent of ordinary voting shares and control of BankIslami Pakistan Limited (BIPL), an associated entity, from current sponsors and other BIPL shareholders (including but not limited to, Jahangir Siddiqui & Co Limited, the holding company of the Bank).

the issuance of 532,629,349 new shares of the bank to be issued to them in exchange for 470,603,772 shares of BankIslami to be acquired from the sponsors and other shareholders of BankIslami (including but not limited to, Jahangir Siddiqui & Co Limited, the holding company of the Bank) through agreements.

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The proposed divestment of the banks holding in JS Investment and JS Global (as payment for the public offer portion) and the proposed additional investment in shares of BankIslami (which is an associated entity of JS Bank) remain subject to approval by the shareholders of JS Bank by special majority in accordance with the provisions of Sections 199, Section 83(1)(b), and Section 183(3) of the Act, as well as subject to all other regulatory approvals of SE.

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Syed Sadat Hussain Shah

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