JS Bank is set to become the major shareholder of BankIslami as it plans to increase its stake in the bank by more than 51%. The bank has taken a significant step towards this goal by filing a public statement of intention to acquire over 51% of BankIslami’s shares under the Securities Act of 2015 and the Listed Companies Regulations of 2017. This acquisition will be facilitated through Next Capital Limited, acting as the manager to offer.
Currently, JS Bank’s parent company, Jehangir Siddiqui & Co. Limited, already holds 21.26% of BankIslami’s shares, which means the group’s total ownership stake stands at over 28%. However, to finalize the deal and proceed with the acquisition, the approval of the regulatory authorities and shareholders of both banks will be required.
This move marks a significant development in the banking sector, with JS Bank aiming to strengthen its position in the market and solidify its role as a major player in the financial industry.
