Gourmet Foods is interested in investing Rs 3.7 billion in the mid-sized Silk bank, which recently invited many local and foreign investors to venture for handsome returns in the highly attractive banking industry of Pakistan.
Official sources said the negotiations between the managements of Silk Bank and Gourmet Foods have been successful and as an outcome Gourmet Food will get certain shareholding in Silk Bank after necessary regulatory approvals from State Bank of Pakistan.
The investor’s eligibility will be approved by the central bank in compliance of Prudential Regulations, Fit and Proper Test (FPT) documents of the prospective investors, as sponsor shareholder of the Bank.
Officials told ProPakistan that Silk Bank’s management is welcoming to such investments, however, it is preferring its underwriter M/s. Arif Habib which also pledged to subscribe its right shares up to Rs. 6 billion that will make the overall paid-up capital of Rs. 16 billion of the bank — which is way more than the central bank set benchmark of Rs. 10 billion.
Gourmet Food will get certain shareholding in Silk Bank against its Rs. 3.7 billion but after necessary regulatory approvals from State Bank of Pakistan
Going along with M/s Arif Habib is preferred by the bank because of sound financial standing, reputation and experience in the financial market. However if M/s Arif Habib declines to subscribe to right shares of pledged Rs. 6 billion, then Silk Bank is going to close investment deal from Gourmet Foods.
Recently, Silk Bank floated 6.14 billion rights shares in Pakistan Stock Exchange against the value of Rs 1.56 per share which is discounted price of Rs 8.44 per share. Resulting, the bank raised Rs 11.9 billion from equity investors but its significant portion will be either replaced by underwriter M/s. Arif Habib or Gourmet Foods.
Silk Bank’s board called upon the underwriters M/s. Arif Habib Limited to subscribe the remaining/ unsubscribed portion of the rights Issue as per the underwriting Agreement. It further allotted 701,939,965 right shares amounting to Rs1.095 billion to Shaukat Tarin, Adviser to Chairman of Silk Bank to subscribe and/or allot/transfer all or part of the 701,939,965 rights shares to such new investor/ investors as Shaukat Tarin may deem fit.
Gourmet Foods’ venture into Silk Bank will be good initiative for its investment view point. It will not only receive good returns from bank’s profit but it could also help expanding its business at fast pace through financing and credit facility of its partner bank.
On the other hand, bank may secure its earnings through financing of partner’s projects in future.
Note: An underwriter is a company or an entity that administers the public issuance and distribution of securities from a corporation or other issuing body. An underwriter works closely with the issuing body to determine the offering price of the securities, buys them from the issuer and sells them to investors via the underwriter’s distribution network. Source: Investopedia
zahir hai ab food business ka to kaam khrab hoga he to banking sector main investment start.
I remember long time ago a video goes viral of gourmet bakers in lahore where rats were clearly seen inside when bakery was closed.
Real tax choor gourmet group. Worst employer. Looters bad unhygienic food quality. Also gourmet petroleum is coming soon.
There food quality is going into trash day by day and now they are thinking about buying holdings of Silk bank. So much for its name “gourmet”. The owner of this company is a
douchebag.
Cheeni or maidy mai itnaaaaaa profit… :)
Shaukat tareen is one of Pakistan’s top Bankers maybe some good will come out of it. Has any one used silk bank services?Do they have internet shopping card?
Yes very true.
I have that card.
Paisa jaisey bhi kumaya, no problem, that is Pakistani way of making money, THE best thing is HE is investing back into the economy, atleast that money is not going out of country. …… Don’t be Jealous PeOPLe. ……. Good job GourmetFoods, I appreciate your efforts, keep it up.
If this is true then this is another success story in Pakistan. I salute the owner of Gourmet Foods as he accomplished all this in a legal way & during the worst years of Pakistan history.
I remember this guy (owner of gourmet food) was just a manager at Shezan Bakers he left that job & started same business & is successful. Good Job Mr..
Paisa jaisey bhi kumaya, no problem, that is Pakistani way of making money, THE best thing is HE is investing back into the economy, atleast that money is not going out of country. …… Don’t be Jealous PeOPLe. ……. Good job GourmetFoods, I appreciate your efforts, keep it up.
If this is true then this is another success story in Pakistan. I salute the owner of Gourmet Foods as he accomplished all this in a legal way & during the worst years of Pakistan history.
I remember this guy (owner of gourmet food) was just a manager at Shezan Bakers he left that job & started same business & is successful. Good Job Mr..
Lol u either work for gourmet food or u r a silk bank employee
Hahaha, no sir, I have no connection with anyone. How he made this money is not my concern. I am happy & appreciate this because he did all this in a legal way & now investing back in the country. He has not taken this money out of the country.
worst employer gourmet
Bakery & restaurant.does not require.highly paid employees.
For these businesses force is available at street level.
Jab koi nokery deay to paisoon ka rona , naukry neh milay to government ka kasoor. Private sector main job karney hai to kaaam karna pareyga nahi to government main job karo.