State Bank of Pakistan Stopped Dubai Bank From Selling Stakes In Bank Islami Pakistan

The State Bank of Pakistan (SBP) has halted UAE-based Dubai Bank from offering its stakes in Bank Islami Pakistan to existing backer shareholders, a bourse documenting said on Tuesday.

“Dubai Bank has educated that SBP advised in composing that [it] can’t offer any shares in Bank Islami to any of its current backers according to the establishing shareholder understanding,” Bank Islami Pakistan said in dispatch to the Karachi Stock Exchange (KSE).

JSCL held 21.25 percent shares of Bank Islami, while Dubai Bank held 25 percent as of December 31, 2014.

On the other hand, Bank Islami Pakistan directed its right offers’ issue that expanded its shareholders’ value to Rs9.9 billion on April 30, 2015 to meet the national bank’s capital sufficiency prerequisites.

Dubai Bank did not subscribe to the recently issued right shares and its shareholding was lessened to 14.3 percent as on June 30, 2015.

JSCL had sanction to obtain 88.115 million customary shares in Bank Islami from Dubai Bank at an expense of Rs947.052 million in a remarkable general meeting (EGM) hung on September 10, 2015.

A venture of Rs749.349 million for buy of 74.934 million shares of Bank Islami offered by Dubai Bank on proportionate premise at an offer cost of Rs10 each was endorsed.

Another Rs197.703 million was endorsed for the buy of 13.18 million shares of Bank Islami at an offer cost of Rs15/offer to Dubai Bank.

Dubai Bank had declared to offer its whole shareholding of 144.2 million shares and got an offer from a consortium, involving Al-Karam Group and a high total assets Ali Hussain – who as of now has 8.36 percent shares of the Islamic bank – to buy its shares in Bank Islami.

Dubai Bank, be that as it may, offered JSCL and Ahmed Randeree of the Randeree Group the privilege of first refusal to buy the individual bit of these shares under the establishing shareholders assention. Ahmed Randeree holds 9.83 percent shares of Bank Islami.

“JSCL plans to approach national bank on this matter and an application in such manner will be documented quickly,” the bourse recording said.

Bank Islami Pakistan posted a benefit after duty of Rs71.275 million, interpreting into income per offer of Rs0.124 for the quarter finished March 31, 2015.

The scrip was exchanging at Rs9.78/offer at KSE as on September 29. The money related combination JSCL shed 35 paisas to close at Rs18.02/offer on Tuesday.