Karachi July 01 2021: SILK Bank has taken certain initiatives during the last year which will result into substantial change in SILK Bank Recoveries/Advancements, as per the Bank management.
SILK Bank Recoveries :
One of the clear indication of the improvement in recoveries is the launch of Silk Islamic Development REIT and Second Silk World Development REIT. For these projects, Arif Habib Dolmen REIT Management plans to raise PKR8 billion rupees equivalent to USD51 million via private placements for a housing project in Karachi, as per the management of REIT company.
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Arif Habib Dolmen REIT Management Pvt. plans to purchase the land in about two months, partly from Silkbank Ltd, one of the new REITs will focus on villas and the other on apartment buildings and commercial developments. This is a developmental REIT with an expected internal rate of return of more than 30%
Muhammad Ejaz, Chief Executive Officer Arif Habib Dolmen REIT Management,
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Commercial building and apartments will be launched under the umbrella of Silk Islamic Development REIT in second week of this month. Younus Group, Fatima Group, Arif Habib Corporation, Liberty Group and Arif Habib Doleman each having 25 percent state in the project. While the second Silk World development REIT that will develop villas also includes real estate developer World Group, as reported by Bloomberg.
Company Profile
BUSINESS DESCRIPTION
Silk Bank Limited (PSX : SILK) was incorporated in Pakistan on April 04, 1994 as a Public Limited Company under the Companies Act 2017 (Previously Companies Ordinance 1984). The Bank commenced commercial operations on May 07, 1995. The bank is engaged in banking services as described in Banking Ordinance, 1962.
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