Karachi: In accordance with clause (xxiii) of the Listing Regulation No.35 under Code of Corporate Governance we are pleased to convey the following information-
Further to Jahangir Siddiqui and Company Limited’s (“JSCL”) earlier letter No.CL-103/11 dated May 19, 2011 please be informed that JSCL has now entered into a Share Purchase Agreement dated September 12, 2011 with the Group of Investors, (“the Acquirers”) for sale of 21,245,184 Ordinary Shares of the face value of PKR: 10/- of Network Microfinance Bank Limited (“NMBV’) constituting 70.82% (approx.) of the total paid-up capital of NMBL.
An Escrow Agreement dated September 12, 2011 has also been 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 obtention of all regulatory approvals and fulfillment of all legal formalities by the Acquirers, including under the provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Take-oven) Ordinance, 2002, the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2008 and the Competition Act, 2010.
For more information, contact:
Jahangir Siddiqui and Company Limited
6th Floor, Faysal House
UAN: +92 21 111 574 111
Fax: +92 21 3280 0090