JSCL is planning to purchase 165.46 million shares of JS Bank.

[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The investment and subscription of 165.46 million ordinary shares being offered by JS Bank Limited (JSBL) by way of rights at Rs. 10 each, for the aggregate subscription of Rs. 1.65 billion in proportion to the company’s shareholding in JSBL, has been approved by the board of directors of Jahangir Siddiqui & Co. Ltd. (JSCL).

The investment is contingent to shareholder approval via special resolution pursuant to Section 199 of the Companies Act of 2017, according to JSCL in a notice to the Pakistan Stock Exchange (PSX).

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The Board also decided and approved to invest in and subscribe to up to 55.1 million additional (unsubscribed) shares of JSBL, which will be made available to all public shareholders of JSBL as right shares in accordance with their respective entitlements and which subsequently remain unsubscribed at the end of the subscription period, on the same terms and conditions and for the same consideration as those right shares were made available to the public shareholders.[/vc_column_text][/vc_column][/vc_row]