JS Bank Limited (PSX: JSBL) is extending the date for making a Public Announcement of its Offer to buy BankIslami Pakistan Limited (PSX: BIPL), the Pakistan Stock Exchange was informed on Tuesday.
JSBL (acquirer) is extending the date by 90 days up to August 14, 2023, as it would be unable to make the Public Announcement of the Offer within 180 days of the publication of the Public Announcement of Intention (PAI) being May 16, 2023.
It may be noted that the Acquirer has entered into Share Purchase Agreements and is awaiting certain regulatory approvals to proceed with the transaction, according to the filing.
It is pertinent to mention here that JS Bank on March 6 announced its decision to acquire shares in BankIslami through a shares swap agreement with JS Global Limited and JS Investments Limited. However, later on, the bank announced the offering of cash consideration to the minority shareholders of BIPL.
Subsequent delays in the acquisition have given the acquirer no other option but to extend the date for making its public announcement till 14 August 2023.
Source: Pro Pakistani