Acquistion of more than 50pc Escorts Investment Bank stake: Bahria Town announces termination of shares’ sale, purchase agreement

KARACHI: Bahria Town (Private) Limited has announced termination of shares sale and purchase agreement for acquisition of more than 50 percent shares and control of Escorts Investment Bank Limited.

Escorts Investment Bank Limited has received a notice from Bahria Town (Private) Limited for termination of Shares Sale and Purchase Agreement for acquisition of more than 50 percent shares and control of Escorts Investment Bank Limited. Bahria Town (Private) Limited and J.R. Dallas Wealth Management LLC entered in this agreement on 9th September 2021.

Bahria Town sent a letter to Escorts Investment Bank Limited with reference to the Sale Share Purchase Agreement between Bahria Town (Private) Limited and J.R. Dallas Wealth Management LLC.

“With regards to the Agreement, please consider this as our notice under clause 10 to terminate the Agreement,” the letter said.

“The Agreement shall stand terminated without any obligations and liability on either party under the terms of the Agreement,” it added.

Copyright Business Recorder, 2022