Karachi October 31 2022: The meeting of Board of Directors of the Silk Bank was held on October 29,2022, in which the representative of manager to the offer was also invited to update the Board on the status of the proposed capital injection by Park View Enclave (Private) Limited (PVEL).
The representative of manager to the offer informed the Board that due to change in business priorities, PVEL have withdrawn their intention to acquire at least 51 % shareholding in the Bank and has requested the manager to communicate the same to the Bank. In this regard, AHL has also issued the withdrawal notice of "Public Announcement of Intention" on October 31, 2022.
The representative of manager to the offer informed the Board 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.
Earlier on May 31, 2022, the "Public Announcement of Intention" issued by M/s. Park View Enclave (Private) Limited ("PVEL"), for investment of up to PKR 12 billion against issuance of at least 51 % shareholding in the Bank, through its Manager to the Offer.
The Board deliberated the matter in detail and advised the management to take all necessary actions required and inform all the regulators accordingly.