Karachi, JS Bank Limited has released an important announcement in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations. The bank conveyed the following significant development:

The Sponsor of JS Bank Limited, Jahangir Siddiqui & Co. Limited (JSCL), has communicated via a letter dated August 07, 2023, its intention to undertake the acquisition of any unsubscribed Right Shares. These Right Shares were initially offered to the public shareholders, and the acquisition would occur on the same price and under the same terms and conditions as offered to all shareholders of JS Bank Limited.

This strategic move by JSCL aims to bolster the bank's capital position by ensuring the full subscription of Right Shares. The State Bank of Pakistan has provided its approval for this undertaking by JSCL, as indicated in a letter dated August 04, 2023.

The announcement demonstrates JS Bank Limited's commitment to maintaining a strong financial foundation and capital structure, while also highlighting the collaborative efforts between the bank and its Sponsor, Jahangir Siddiqui & Co. Limited. This step is expected to contribute to the bank's continued growth and stability within the financial sector.