Pakistan Housing Finance Company (PHFC), a subsidiary of M/s Lake City Limited has expressed its in-principle interest in the injection of equity up to Rs. 12,000,000,000/- (Rs. 12 Billion) into Silkbank Limited (PSX: SILK), according to a stock filing published on Wednesday.
PHFC is leading a consortium of like-minded investor groups, supported and backed by the well-renowned and experienced management of M/s. Burj Capital, having the requisite experience in setting up and successfully managing Islamic and conventional banks in Pakistan.
According to the filing, PHFC has also informed the Bank that in recognition of their standing in the business community and their intent of giving the management role to banking professionals of standing, M/s. Arif Habib Group is also willing to participate in a consortium as a minority stakeholder.
In this regard, the Board of Directors of the Bank has granted its “In-principle approval” for allowing PHFC to conduct the required due diligence of the Bank, subject to SBP approval.
The Proposed Investment shall be subject to the approval of the Board, shareholders, Securities and Exchange Commission of Pakistan (SECP), and State Bank of Pakistan (SBP) and appropriate disclosures will be made in accordance with applicable laws, as the matter progresses.
