June 01, 2022 (MLN): The Board of Directors of Silk Bank Limited has granted approval to the management of the bank to formally pursue the Potential Investment and to enter into discussions with Park View Enclave (Private) Limited (PVEL) which has expressed its intention to acquire at least 51% of the issued and paid-up capital of Silk Bank Limited.
According to the notice issued to PSX, the board gave the approval to finalize terms and conditions and documentation and to present the same to the Board for its consideration and implementation, if considered appropriate.
The Proposed Investment remains subject to final approval of the board, shareholders, Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) and appropriate disclosures will be made in accordance with applicable laws, as the matter progresses, the notice said.
Yesterday, PVEL in a notice informed that the company has appointed Arif Habib Limited as the manager to offer that has submitted a Public Announcement of Intention (PAI) on the company's behalf to subscribe to and acquire control of the Silk Bank.
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, it added.
