Silkbank's BoD grants in-principle approval for PHFC's proposed investment worth Rs12bn

News Image

MG News | April 19, 2023 at 09:25 AM GMT+05:00

0:00

April 19, 2023 (MLN): The Board of Directors (BoD) of Silkbank Limited (PSX: SILK) has granted its “In-principle approval” for allowing Pakistan Housing Finance Company (PHFC) to conduct the required due diligence pertaining to the proposed investment up to Rs12 billion in the bank.

The proposed investment shall be subject to the 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.

Earlier, PHFC, a subsidiary of Lake City Limited had expressed its in-principle interest in the injection of equity up to Rs12bn into Silkbank Limited.

PHFC is leading a consortium of like-minded investor groups, supported and backed by the well-renowned and experienced management of Burj Capital has the requisite experience in setting up and successfully managing Islamic and conventional banks in Pakistan.

PHFC has also informed the Bank that in recognition of their standing in the business community and their intent of giving the management role to banking professionals of standing, Arif Habib Group is also willing to participate in a consortium as a minority stakeholder.

Copyright Mettis Link News 

Related News

Name Price/Vol %Chg/NChg
KSE100 163,806.22
500.44M
-0.39%
-638.50
ALLSHR 99,845.79
1,977.49M
-0.42%
-417.42
KSE30 50,123.85
153.24M
-0.68%
-343.31
KMI30 238,530.50
71.49M
-0.36%
-850.63
KMIALLSHR 65,898.10
543.80M
-0.37%
-245.35
BKTi 46,380.96
92.15M
-0.49%
-229.01
OGTi 31,857.40
12.33M
-1.20%
-387.93
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,220.00 0.00
0.00
545.00
0.51%
BRENT CRUDE 61.34 61.47
60.14
0.28
0.46%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.00
-1.23%
ROTTERDAM COAL MONTHLY 93.20 93.50
93.20
0.05
0.05%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 57.25 0.00
0.00
0.10
0.18%
SUGAR #11 WORLD 15.53 15.88
15.45
-0.27
-1.71%

Chart of the Day


Latest News
October 19, 2025 at 05:44 PM GMT+05:00

Pakistan strengthens global financial ties


October 19, 2025 at 05:15 PM GMT+05:00

Pakistan nears financial close on Reko Diq project


October 19, 2025 at 10:12 AM GMT+05:00

DCO to expand footprint in Pakistan


October 19, 2025 at 10:03 AM GMT+05:00

Weekly Market Roundup



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg