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

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