ISLAMABAD, May 5, 2025 — A significant shift is on the horizon for Pakistan’s financial sector as Geneva-based wealth manager Kamran Malik and Karachi-based entrepreneur Sheikh Ali Baakza have announced their intention to acquire a majority stake in Escorts Investment Bank Limited (EIBL).
According to a notice filed with the Pakistan Stock Exchange (PSX), the duo plans to acquire up to 94% of EIBL’s issued ordinary shares. This includes an 87.96% stake currently held by Bahria Town (Pvt) Limited, which will be acquired through a Share Purchase Agreement. An additional 6.02% will be sought through a public offer to minority shareholders.
The proposed transaction will be conducted in strict adherence to the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. AKD Securities Limited has been appointed as the Manager to the Offer, overseeing the process.
EIBL, a Lahore-based non-banking finance company, was previously taken over by Bahria Town in January 2018. However, the institution has been actively seeking new ownership to revitalize its operations. This marks a second attempt at a majority stake acquisition, following a previous bid by RMS (Private) Limited which was withdrawn in May 2024.
The current acquisition proposal is contingent upon receiving approval from the Securities and Exchange Commission of Pakistan (SECP). If approved, the move is expected to inject much-needed capital and strategic direction into the struggling financial institution.
While Bahria Town itself has not been sold, this divestment of its majority stake in EIBL to investors, including the chairman of Karachi’s Unicorn Group (referring to Sheikh Ali Baakza), appears to be part of a broader strategy by Bahria Town to address its financial and legal challenges.
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