Home Business AKD Securities acquires BIPL Securities Ltd at Rs 8.60/share

AKD Securities acquires BIPL Securities Ltd at Rs 8.60/share

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BIPL
JS Global Capital Ltd also bid to acquire the BIPL securities but it has withdrawn its bid on November 19

KARACHI: AKD Securities Limited has finalized the deal for the purchase of BankIslami Pakistan Limited (BIPL) Securities Limited at a price of Rs 8.60 per share (total 77,117,500 shares).

According to a notice at Pakistan Stocks Exchange (PSX), BankIslami Pakistan limited (BIPL) has approved the final bid of AKD Securities Limited (AKD) for the purchase of BIPL’s entire shareholding of 77,117,500 shares in BIPL Securities Limited at a price of Rs 8.60 per share and in this regard will be entering into a share purchase agreement with AKD (as the purchaser) immediately upon completion of procedural formalities under applicable laws.

Read More: AKD Securities to acquire 77.12% shares of BIPL Securities

In this connection, JS Global Capital Ltd also bid to acquire the BIPL securities but it has withdrawn its bid on November 19.

“Considering the result of Due Diligence for the acquisition of the target company, JS Global Capital Limited has concluded that it is not viable for JS Global to proceed with the intended acquisition,” the JS Global Capital notice said yesterday.