KARACHI: In a notice to the PSX, BankIslami Pakistan Limited has notified its shareholders that JS Bank Limited has been granted permission by the State Bank of Pakistan (SBP) to acquire 7.79% of paid up capital or 86,319,964 ordinary shares. In 2005, JS Bank undertook a joint venture with Dubai Bank to form BankIslami Pakistan Limited.
JS Bank lists investment in Bank Islami as an investment in associates as it has significant influence over the investee as per IAS 28 since August 2020.
JS Bank will be buying these shares from Emirates NBD Bank PJSC. JS Bank is already an associated entity of BankIslami sponsor shareholder Jahangir Siddiqui & Co, therefore as per Section 96 of the Securities Act, 2015; and clause 5.6.1(a) of PSC regulations, the bank had to make the disclosure. Jahangir Siddiqui & Co is the holding company for JS Bank and it already owns 21.6% of BankIslami as per the annual reports dated 31 December 2021.
Profit has sent questions to JS Bank but has not received a response until the filing of this report.
