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Business & Finance

JS Global Capital Ltd eyes to acquire majority share of BIPSL

JS Global Capital Limited informed that it has decided to participate in the process for acquisition of BIPSL share
21 Feb 2020
  • JS Global Capital Limited informed that it has decided to participate in the process for acquisition of BIPSL shares.
  • The company has decided to purchase three floors in ‘The Centre’ located at Saddar, Karachi.

One of the largest broking and investment banking firm in Pakistan, JS Global Capital Limited aims to acquire majority share of stock brokerage firm BIPL Securities Limited, it was learnt on Friday.

In its filing to the Pakistan Stock Exchange (PSX), JS Global Capital Limited informed that it has decided to participate in the process for acquisition of BIPSL shares.

“The Board of Directors of JS Global Capital Limited... has decided to participate in the process for acquisition of up to 77,117,500 ordinary shares of Rs10 each of BIPL Securities Limited (BIPSL) constituting 77.12 percent of the total issued and paid up share capital of BIPSL and for this purpose has authorized the management to conduct detailed due diligence, work out share value and for this purpose appoint advisors/consultants,” read the company’s notification.

Furthermore, the company also informed that it has decided to purchase three floors in ‘The Centre’ located at Saddar, Karachi from JS Land Private Limited at an estimated cost of around Rs800 million.

The company announced a profit after tax of Rs47,248,393, for the period ended on December 31, 2019, signifying an impressive increase of over 84.2pc as compared to Rs25,637,137 attained in preceding year.