KARACHI, June 26: Jahangir Siddiqui Investment Bank Limited (JSIBL) has informed the Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) that it had executed a Transfer Agreement with JS Bank Limited, a banking company formed for that purpose, relating to the transfer of all of JSIBL’s assets and liabilities to JS Bank Limited, under a Scheme of Amalgamation, subject to the approval of the State Bank of Pakistan (SBP) and the resolution to be passed by the shareholders in a general meeting.

JSIBL stated that a separate Transfer Agreement had also been signed between American Express Bank Limited, New York with JS Bank Limited. “We are now approaching the SBP for fulfilling other formalities, as well as meeting all the regulatory requirements of SECP,” JSIBL notice stated.

Another notice released at the KSE on Monday was from Allied Bank Limited (ABL), which stated that an extraordinary general meeting of shareholders in ABL and certificate holders of First Allied Bank Modaraba (FABM) was held on Saturday “to consider and adopt the Scheme of Arrangement dated April 28, 2006 for amalgamation by way of merger of FABM and its certificate-holders with and into ABL and its shareholders”. The scheme for Arrangement was, however, subject to the subsequent approval of the Court, the statement added.

A third notice from Modaraba Al-Tijarah (MAT) stated that pursuant to the approval from the High Court of Sindh at Karachi and passing of the Resolutions at the Extraordinary General Meeting held on April 6, 2006 by the certificate-holders of Modaraba Al Tijarah with and into Modaraba Al Mali, (MAP), the latter shall issue at par and allot two certificates against every ninety one certificates of MAT, to those who are holding certificates of MAJ as on July 11,

2006.

The notice stated that consequent upon merger of MAT with MAM, it had been decided to discontinue trading in certificates of MAT on KSE with effect from date of final book closure commencing from July 11, 2006.