Park View Enclave intends to acquire 51pc control of Silk Bank

KARACHI: M/s Park View Enclave (Private) Limited, owned by businessman and politician Aleem Khan, has expressed its intention to acquire at least 51 percent of the voting shareholding / control in Silk Bank Limited through subscription of new ordinary shares by way of a fresh equity injection of up to Rs 12 billion.

The Acquirer intends to subscribe, directly or indirectly through an SPV and/or through a consortium led by the acquirer. Additional shares will be acquired from the minority shareholders by way of a public offer in accordance with applicable laws.

Silk Bank Limited has received Public Announcement of Intention on Tuesday to inject up to Rs 12 billion by subscribing to at least 51 percent shareholding in Silk Bank Limited by Park View Enclave (Private) Limited through its Manager to Offer, i.e., M/s Arif Habib Limited.

This Public Announcement of Intention to subscribe to and acquire voting shares / control of the Silk Bank Limited is subject to obtaining the requisite regulatory approvals including clearance of fit and proper criteria from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and the Competition Commission of Pakistan, material information sent to Pakistan Stock Exchange on Tuesday said. The Public Announcement of Intention may be withdrawn, if the requisite approvals are not granted by the concerned regulatory authority (ies), it added.

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Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with enactment of the Companies Act, 2017) as a private limited company. The Company is engaged in the business of property development and other businesses. Omer Farooq Mannan is current Chief Executive Officer of Park View Enclave (Private) Limited. Kiran Aleem Khan is the 50 percent shareholder in Park View Enclave (Private) Limited while Abdul Rehman Khan and Zainab Aleem Khan have 25 percent each shareholding in the Company.

Acquirer is part of Vision Group that is involved in a wide array of other businesses including pharmaceutical industry, cinemas and education.

Silk Bank Limited was volume leader on PSX on Tuesday with 71.621 million shares and its share increased by Rs 0.22 to close at Rs 1.50.

Copyright Business Recorder, 2022