Park View Enclave intends to acquire majority shares of Silkbank

Park View Enclave (Private) Limited, a company involved in the property business, has expressed its intention to acquire at least 51% shareholding and control of Silkbank Limited, the latter said in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

Silkbank said that it had received today a Notice of 'Public Announcement of Intention' (PAI) from Park View Enclave (Pvt) Limited through its Manager to the Offer — Arif Habib Limited.

The acquisition is intended through a proposed subscription of new ordinary shares in Silkbank Limited by way of fresh equity injection of up to Rs12 billion.

"Park View intends to subscribe, directly or indirectly through a special purpose vehicle SPV and/or through a consortium led by the acquirer, to at least 51% of shareholding and control in the target through the fresh equity injection," the notice added.

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The notice further said that additional shares will be acquired from the minority shareholders by way of a public offer in accordance with applicable laws.

Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with the enactment of the Companies Act, 2017) as a private limited company.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 part of the Vision Group that is involved in a wide array of other businesses including pharmaceutical industry, cinemas, and education.

Last year, Fauji Foundation also expressed its interest in acquiring a majority stake in Silkbank Limited. However, no further progress was made as Silkbank said the Fauji Foundation was no longer interested in the due diligence process.