Bank Islami Pakistan Limited has announced the acquisition of KASB Altitude, a prominent 32-storey commercial building located in Clifton Block 1, Karachi.
The bank disclosed this development through a notification to the Pakistan Stock Exchange (PSX) on Tuesday in accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations.
“Pursuant to satisfactory due diligence, obtaining the requisite approvals, structural testing and consents, completing the necessary formalities, and execution of appropriate contracts, the Bank has successfully acquired KASB Altitude, a strategically located 32-storey commercial building in Clifton Block 1, Karachi, for the Bank’s office premises,” read Bank Islami’s notice.
The bank said that this move follows a rigorous due diligence process, including securing the necessary approvals, completing structural testing, and executing relevant contracts.
The building, strategically situated in a high-demand area, will serve as the bank’s new office premises. Bank Islami’s acquisition is expected to enhance its operational capabilities as the bank continues to strengthen its position in the market.
