Stocks available: Bank Islami to issue right shares

The shares will be worth Rs4.33 billion as per the plan agreed with the State Bank of Pakistan

KARACHI: Bank Islami Pakistan Limited has announced that it will issue right shares, subject to permission from Securities and Exchange Commission of Pakistan (SECP), in a notice sent to the Karachi . These shares will be worth Rs4.33 billion as per the plan agreed with the State Bank of Pakistan to raise its capital to Rs10 billion. Bank Islami has the second largest market share in the rapidly growing Islamic finance segment of the banking industry with 201 branches in 77 cities across Pakistan. Additionally, it is planning to open 12 new branches before the end of the year and another 24 next year.

Published in The Express Tribune, December 3^rd, 2014.

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