Karachi June 1, 2022: The Board of Directors of Silk Bank Limited in its meeting held on May 31, 2022, has reviewed and considered the terms offered and accordingly granted its approval to the management of the Bank to formally pursue the Potential Investment and to enter into discussions with the M/s. Park View Enclave (Private) Limited (“PVEL”) to finalize the terms and conditions and documentation and to present the same to the Board for its consideration and implementation if considered appropriate.
Yesterday May 31, 2022, Park View Enclave (Private) Limited (“PVEL”) made a Public Announcement of Intention, for the investment of up to PKR 12 billion against the issuance of at least 51% shareholding in the Silk Bank.
The Proposed Investment remains subject to final approval of the Board, shareholders, Securities, and Exchange Commission of Pakistan, and State Bank of Pakistan and appropriate disclosures will be made in accordance with applicable laws, as the matter progresses.
Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with the enactment of the Companies Act, 2017) as a private limited company.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. The acquirer is part of Vision Group which is involved in a wide array of other businesses including the pharmaceutical industry, cinemas, and education.
