Finance Minister, Shaukat Tarin, is considering divesting his shares in Silkbank Limited, Express Tribune reported.
According to the report, a senior minister in the Punjab cabinet Abdul Aleem Khan is offering to buy the Finance Minister’s and his family’s shares, which make up nearly 26 percent of the total shares.
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The deal will only go through after the State Bank of Pakistan (SBP) gives clearance as Khan is undergoing a probe by the National Accountability Bureau (NAB), the newspaper report added.
Tarin has reportedly confirmed his intentions to sell his shares in the bank but has not yet made any statement on whether or not he will sell his shares to Khan.
The Punjab cabinet minister is not the only seeker for Tarin’s shares. The news report said that two commercial banks are also interested in acquiring the shares held by Tarin and his family.
Aleem Khan does not want the Silkbank to segregate its consumer finance business. According to the news report, the finance minister had no objection to this condition.
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As of March 2020, Silkbank’s equity amounts to Rs. 9.94 billion, without including revaluation surplus on assets. This is against the Minimum Capital Requirement (MCR) of Rs. 10 billion as prescribed by the central bank.
According to the balance sheet, the Capital Adequacy Ratio (CAR) of the bank was 5.83% against the minimum requirement of 11.5% for 2020.
Silkbank’s scrip at the bourse was last traded at Rs 1.77, the lowest price of any publically listed bank.
