Silk Bank has attracted the interest of Aleem Khan’s Park View Enclave for the acquisition of 51 percent of its issued and paid-up capital.
According to stock filing, Park View, through its Manager to Offer (Arif Habib Limited) has made a public announcement of intention (PAI) to acquire at least 51 percent of shares and control of Silk Bank directly or through a Special Purpose Vehicle (subsidiary). The intended acquisition is through a proposed subscription of new ordinary shares in Silk Bank Limited by way of fresh equity injection of up to Rs. 12 billion.
Park View Enclave, owned by real estate tycoon and politician Aleem Khan, an interested acquirer of a stake in Silk Bank, is engaged in the business of property development and other businesses. The company is part of Vision Group which is involved in a wide array of other businesses including the pharmaceutical industry, cinemas, construction, and education.
Park View Enclave’s current Chief Executive Officer is Omer Farooq Khan, with Kiran Aleem Khan and Abdul Rehman Khan as the Director/Shareholder.
The acquire intends to subscribe director or indirectly through SPV or through a consortium led by the Acquirer, to at least 51 percent of shareholding and control in the target through the fresh injection. The additional shares will be acquired from the minority shareholders by way of a public offer in accordance with applicable laws.
Presently, the shareholders of the company included Arif Habib Corporation with 28.23 percent stakes in Silk Bank. Shaukat Tarin with 11.55 percent shares, International Finance Corporation (IFC) with 7.74 percent stakes, and Zulquarnain Nawaz Chattha with 7.47 percent stakes.
Right after this announcement, Silk’s scrip at the bourse was trading at Rs. 1.54, up by Rs. 0.26 or 20.31 percent, with a turnover of 62.85 million shares on Tuesday.
The bank has been struggling to maintain its paid-up capital requirement for the past many years. Previously, various sponsors including Gourmet Group made investments and then divestment in the bank after a brief period.
According to the data available, the bank made a profit of Rs. 151 million in 9 months of 2020. Its share value stood at 1.28.
