May 31, 2022 (MLN): Park View Enclave (Pvt) has expressed its intention to acquire at least 51% of the issued and paid-up capital of Silk Bank Limited.
In this regard, Arif Habib Limited which has been appointed as the manager to offer has submitted a Public Announcement of Intention (PAI) on the company's behalf to subscribe to and acquire control of the Silk Bank. The PAI is subject to obtaining the requisite regulatory approvals including clearance of fit and proper criteria from SBP, SECP, and CCP.
The intended acquisition is through a proposed subscription of new ordinary shares in Silk bank Limited by way of fresh equity injection of up to Rs12 billion, a notice issued by the company to the bourse said.
The company intends to subscribe, directly or indirectly through a SPV and/or through a consortium led by the company, to at least 51% of shareholding and control in Target through the fresh equity injection. Additional shares will be acquired from the minority shareholders by way of a public offer in accordance with applicable laws, the notice added.
At the time of reporting this, the stock of Silk Bank is trading at Rs1.49 which is Rs0.21 or 16.41% higher than yesterday’s price.
Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with the enactment of the Companies Act, 2017) as a private limited company. The Company is engaged in the business of property development and other businesses, Acquirer is part of Vision Group that is involved in a wide array of other businesses including the pharmaceutical industry, cinemas, and education.