AKD Securities to acquire 77.12% shares of BIPL Securities
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KARACHI: AKD Securities Limited offered to acquire up to 77.12 per cent shares of BankIslami Pakistan Limited – Securities (BIPL Securities) and in its connection, it has been allowed due diligence process by the bank here on Monday.
According to the notification of the BankIslami Pakistan, AKD Securities Limited expresses its intention to acquire up to 77.12 per cent of issued and paid up capital and management control of BIPL securities limited, owned by Bankislami, under the securities act 2015 and the listed companies (Substantial acquisitions of voting shares and takeover regulations, 2017.
The notice said that we had notified to the PSX and the commission that bankIslami Pakistan Limited, (BankIslami) had declined the request of M/s AKD Securities Limited (AKD) to take part in the due diligence process and be provided access to the data room for the sale of bankIslami’s entire shareholding of BIPL Securities.
“Subsequently, the bank said we have again been approached by AKD, through its manager to the offer, Topline Securities Limited requested BankIslami to allow AKD to take part in the due diligence process,” the notice said.
“Upon a review of the request BankIslami has now reconsidered its earlier decision, particularly in view of the direction issued by the commission to BIPL Securities vide its letter no EMD/TO/265/2019 dated May 05, 2020 to provide AKD with all relevant ad material information which AKD require for the purposes of due diligence.
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