JS Bank has taken a major step towards improving and supporting minority shareholders of Bank Islami (Pvt) Limited (BIPL) by amending the consideration for the public offer portion of the acquisition.
The JS Bank Limited (JSBL) board of directors has changed the offer from shares to cash, providing the BIPL minority shareholders with a cash or Shariah-compliant consideration at a premium rate of Rs23 per share.
Previously, shareholders were offered shares of JSBL subsidiaries, JS Global Capital Limited (JSGCL) and JS Investments Limited (JSIL). This move has generated considerable excitement and anticipation in a slow market. The acquisition has been structured in a way that both organizations will function independently with separate management.
