KARACHI: BankIslami Pakistan Limited has announced that BankIslami Modaraba Investments Limited (BMIL) is no longer a subsidiary company of BankIslami Pakistan Limited.

According to material information sent to Pakistan Stock Exchange on Monday, BankIslami Pakistan Limited had approved the sale of 8.0 million shares of BankIslami Modaraba Investment Limited (BMIL), representing 100 percent of the issued and paid up ordinary share capital to Atique Ahmed Khan, one of the promoters/sponsors of the Ghani Global Group, or to any nominee.

The aforementioned sale now stands complete in accordance with necessary approvals, including approval granted by the Securities and Exchange Commission of Pakistan (SECP), it added.