KARACHI: Jahangir Siddiqui & Co Ltd has decided to invest Rs1.669 billion in BankIslami Pakistan Limited (BIPL)
The decision was unanimously taken by the shareholders of Jahangir Siddiqui & Co Ltd, the flagship company of JS Group, in their general meeting held on February.
The Board of Directors of BankIslami Pakistan Limited have approved to issue ordinary shares of Rs10 each by way of rights to its members to raise the paid up capital of Bank by Rs4.320 billion. Jahangir Siddiqui & Co. Ltd. being one of the sponsors of the Bank with an existing shareholding of 21.26 percent will invest up-to Rs1.669 billion in the aforesaid right issue of the Bank.
Jahangir Siddiqui & Co. Ltd. is primarily an investment company in financial services and also makes long-term investments in growing companies in Pakistan. As of September 30, 2014, the shareholders equity stood at Rs18.809 billion with an investment portfolio size of Rs19.661 billion. The Company also enjoys long term credit rating of AA (Double A) and short-term credit rating of A1+ (A one Plus) assigned to it by Pakistan Credit Rating Agency.
