SECP allows extension to Silkbank for right issue

KARACHI: The Security and Exchange Commission of Pakistan (SECP) has allowed extension to Silkbank Ltd. for the issue of right shares at discount rate till December 31, 2011.

According to SECP's letter, the decision has been taken keeping in view the extension of time allowed by the State Bank of Pakistan (SBP) to meet minimum capital requirement (MCR) and capital adequacy ratio (CAR) till December 31, 2011.

Accordingly, the bank will issue 2.8 billion shares at Rs2.50 per share at a discount of Rs7.50 per share, by way of right issue.

Copyright APP (Associated Press of Pakistan), 2011