Jahangir Siddiqui- JS Group has planned to invest around $9.28 million (Rs 947 million) to buy 88 million shares of a local Islamic bank, said a stock filing on Tuesday. The company would be offering 20 percent right shares to its existing shareholders to raise funds for making the strategic investment in BankIslami Pakistan Limited (BIPL), it said.

Also, JS Group has decided to buy 13.18 million of the BankIslami's additional shares which the bank's foreign owners had offered to its other shareholders: Al-Karam Group consortium. Priced at Rs 15 per share, the purchase of additional shares would cost the company about $1.93 million or Rs 197.7 million.

The deal, however, would only materialize when "Dubai Bank PJSC accepts the company's offer," said Hasan, who also is a company secretary at JSCL. "The Board has also decided to issue 20 percent right shares," he said in the stock filing.

Source: Business Recorder