The shareholders of Jahangir Siddiqui & Co. Ltd., the flagship company of JS Group, in their Extraordinary General Meeting held on February 02, 2015 have unanimously approved to invest upto Rs. 1.669 billion in BankIslami Pakistan Limited.
On December 30, 2014, the Board of Directors of BankIslami Pakistan Limited have approved to issue ordinary shares of Rs. 10/- each by way of rights to its members to raise the paid up capital of Bank by Rs. 4.320 billion. Jahangir Siddiqui & Co. Ltd. being one of the sponsors of the Bank with an existing shareholding of 21.26% will invest upto Rs. 1.669 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 Rs. 18.809 billion with an investment portfolio size of Rs. 19.661 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.***