KARACHI: The Board of Directors of Silk Bank Limited has granted its approval to the management of the Bank to formally pursue the potential investment and to enter into discussions with the Park View Enclave (Private) Limited (PVEL) to finalise the terms and conditions and documentation and to present the same to the Board for its consideration and implementation if considered appropriate.

The decision was taken in the meeting of the Board of Directors of Silk Bank Limited held on Wednesday.

With respect to the Public Announcement of Intention issued by Park View Enclave (Private) Limited on May 31, 2022, for investment of up to Rs 12 billion against issuance of at least 51 percent shareholding in Silk Bank Limited, the BoDs of the Silk Bank Limited has reviewed and considered the terms offered and accordingly granted its approval to the management of the Bank to formally pursue the potential investment and to enter in to discussions with the PVEL to finalise the terms and conditions and documentation and to present the same to the Board for its consideration and implementation, of considered appropriate, material information sent to Pakistan Stock Exchange said.

The proposed investment remains subject to final 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 progress, it added.

Copyright Business Recorder, 2022