LAHORE: Pakistan Housing Finance Company (PHFC), an M/s Lake City Limited subsidiary, has expressed interest in providing up to Rs.12 billion equity to Silk Bank Limited.
A consortium will make the investment of like-minded investment groups led by PHFC and sponsored by M/s. Burj Capital’s experienced management has expertise in establishing and managing both Islamic and conventional banks in Pakistan.
The filing also mentions that M/s. Arif Habib Group has shown a willingness to participate in the consortium as a minority stakeholder, recognizing its position in the business community. They intend to give the management role to experienced banking professionals.
It should be noted that the proposed investment is subject to approval by the relevant authorities, including the Board, shareholders, Securities and Exchange Commission of Pakistan (SECP), and the State Bank of Pakistan (SBP).
It is important to note that appropriate disclosures will be made as the matter progresses in accordance with applicable regulations.
