JS Bank Limited (KASE:JSBL) made an offer to acquire additional 24.88% stake in BankIslami Pakistan Limited (KASE:BIPL) for approximately PKR 280 million on November 15, 2022. As of March 6, 2023, it was decided that the public offer shall be made in exchange for (as consideration) a maximum of 59.56% shares of JS Investment Limited and 67.90% ordinary shares of JS Global Capital Limited (in combination). As of April 27, 2023, JS Bank has amended the public offer consideration for the acquisition from shares to cash offering of PKR 23.99 per share. The transaction is subject to receipt of all regulatory and corporate approvals, including and not limited to approvals from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, the Competition Commission of Pakistan, and the approval of the Board and the general body of JS Bank. The transaction was approved by the Board of Directors of JS Bank Limited on November 17, 2022. On March 7, 2023, Sindh High Court granted interim injunction against the proposed acquisition. As of April 26, 2023, shareholders of JS Bank Limited approved the transaction. On June 27, 2023, Sindh High Court has dismissed an application filed against the acquisition and JS Bank Limited has resumed the process of acquisition. All statutory approvals for the transaction have been obtained. The offer will remain open for acceptances from August 15, 2023 to August 21, 2023. Next Capital Limited (KASE:NEXT) acted as financial advisor for JS Bank Limited.

JS Bank Limited (KASE:JSBL) completed the acquisition of additional 24.88% stake in BankIslami Pakistan Limited (KASE:BIPL) on August 25, 2023.