Silkbank Limited (PSX: SILK) has received a letter of intention (LoI) from the International Commercial Bank of South Sudan to subscribe to its shares up to the extent of 50 million euros (“potential investment”).
In a stock filing to the Pakistan Stock Exchange (PSX), SILK Bank confirmed that its Board of Directors in a meeting held on April 05, 2023, reviewed and considered this LoI and accordingly granted its approval to the Bank to formally pursue the potential investment.
“The Board has further authorized the management to enter into a discussion with the ICB to finalize the terms and conditions and documentation and to present the same to the Board for its consideration and implementation if considered appropriate,” the filing said.
It added, “The Proposed investment remains subject to the 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 progresses”.
If the investment is successful, it would significantly strengthen Silkbank Limited’s liquidity and allow the bank to expand its operations in the country.
International Commercial Bank South Sudan (ICB) is a national South Sudanese bank, founded in June 2011 by a group of South Sudanese and international businessmen.
At the time of filing, the Bank’s scrip at the bourse was Rs. 1.09, up 5.83 percent or Rs. 0.06 with a turnover of 12,708,000 shares on Thursday.
