Karachi April 19 2023: Pakistan Housing Finance Company (PHFC), a subsidiary of M/s. Lake City Limited has expressed its in-principle interest in the injection of equity upto PKR 12,000,000,000/- (Pak Rupees Twelve Billion) into Silkbank Limited. (“Proposed Investment”).
PHFC is leading a consortium of like-minded investor group, supported and backed by the well renowned and experienced management of M/s. Burj Capital, having 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, M/s. Arif Habib Group is also willing to participate in a consortium as a minority stakeholder.
In this regard, the Board of Directors of the Bank has granted its “In-principle approval” for allowing PHFC to conduct the required due diligence of the Bank, subject to SBP approval.
