JSCL sells 70.82 percent NMBL shares to 'Acquirers'

Jahangir Siddiqui and Company Limited on September 12, 2011 entered into a Share Purchase Agreement with the Group of Investors (the Acquirers) for sale of 21,245,184 ordinary shares of the face value of Rs 10 of Network Microfinance Bank Limited (NMBL) constituting 70.82 percent (approximately) of the total paid-up capital of NMBL.
According to an information sent to Karachi Stock Exchange, an 'Escrow Agreement', dated September 12, 2011 was also signed by JSCL and the Acquirers, with a local bank in terms of which the Acquirers have deposited total sale consideration with the said bank to be released to the Company upon transfer of the shares after obtaining all regulatory approvals and fulfilment of all legal formalities by the Acquirers, included under the provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance, 2002, the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2008 and the Competition Act, 2010, it added.