Karachi, Jahangir Siddiqui & Co. Ltd., the sponsor shareholder of BankIslami Pakistan Limited, has revealed significant developments pertaining to share transfers and subscriptions. The information was disclosed in a letter dated August 07, 2023, and was intended to comply with the requirements of Section 96 of the Securities Act, 2015, and Clause 5.6. (a) of the PSX Regulations.

The key highlights of the disclosed information are as follows:

1. Share Transfer and Acquisition: Jahangir Siddiqui & Co. Ltd. has received approvals from the State Bank of Pakistan for the transfer and sale of 235,684,306 shares of BankIslami Pakistan Limited to its subsidiary, JS Bank Limited (JSBL). In return, the company will acquire 266,747,498 shares of JSBL. This significant share transfer underscores the ongoing strategic movements within the financial sector.

2. Subscription to Additional Shares: Additionally, the State Bank of Pakistan has granted approvals to Jahangir Siddiqui & Co. Ltd. to subscribe to additional shares of JS Bank Limited. These shares are being issued as part of a rights offering to all shareholders of JSBL. Jahangir Siddiqui & Co. Ltd. will be entitled to acquire the unsubscribed shares from the public shareholders of JSBL.

These developments mark a significant step in the corporate activities of Jahangir Siddiqui & Co. Ltd., with a focus on strategic realignment and optimization of shareholding across its subsidiary entities. The disclosure of these material approvals ensures transparency and informs stakeholders about critical changes within the organization.