Karachi April 6 2023: M/s. International Commercial Bank (“ICB”) of South Sudan has expressed an interest in subscribing to the shares of Silkbank Limited up to the extent of fifty million euros (“Potential Investment”), subject to all regulatory requirements and financial due diligence.
The Board of Directors (“Board”) of the Bank in its meeting held on April 05, 2023, reviewed and considered the Letter of Intention and accordingly granted its approval to the management of the Bank to formally pursue the Potential Investment. The Board has further authorized the management to enter into a discussion with the ICB to finalize the terms and conditions and documentation and to present the same to the Board for its consideration and implementation if considered appropriate.
The Proposed Investment remains subject to the 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.