First IBL Modaraba has disclosed that prospective local investors have shown interest in acquiring control of the company, according to a filing at the PSX on Wednesday. Â
The announcement, made in accordance with Rule 5.6.1(a)(ix), stated that discussions regarding the terms and conditions of the potential acquisition are currently ongoing.
The company has assured that once the negotiations are concluded, all relevant details will be communicated to the PSX in line with applicable regulatory requirements.Â
The Chief Executive of First IBL Modaraba, Muhammad Ibrahim Qazi, confirmed the update in a letter addressed to the PSX, urging transparency and adherence to the regulatory framework.
The acquisition, if finalised, could mark a significant shift in the company’s ownership structure, and the market awaits further details once the negotiations are complete.
First IBL Modaraba is a multi-purpose, perpetual, and multi-dimensional Modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. The Modaraba is managed by IBL Modaraba Management (Private) Limited. It commenced its operations on October 19, 1989, and is currently engaged in various Islamic financing modes, including Ijarah, Musharaka, and Murabaha arrangements.
