PVEL withdraws intention to acquire at least 51% shareholding in Silkbank

MG News | October 31, 2022 at 10:19 AM GMT+05:00

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October 31, 2022 (MLN): Park View Enclave (Private) Limited (PSX: PVEL) has withdrawn its intention to acquire at least 51% (Rs12 billion) shareholding in Silkbank Limited due to a change in business priorities, Arif Habib Limited (AHL), manager to the offer informed the bourse on Monday.

The representative of AHL informed the board of directors of the bank on October 29, 2022, that for raising the capital of the bank they have identified other potential investors with whom they are in discussions and, will update the board upon receipt of the necessary letter of intent.

The board deliberated the matter in detail and advised the management to take all necessary actions required and inform all the regulators accordingly.

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