Park View Enclave withdraws intention to acquire 51% stake in Silkbank

Park View Enclave (Private) Limited (PVEL), owned by businessman and politician Aleem Khan, has withdrawn its intention to acquire at least 51% shareholding and control of Silkbank Limited.

The development was shared by Silkbank Limited in a notice sent to the Pakistan Stock Exchange (PSX) on Monday.

Earlier this year, PVEL expressed its intention to invest up to Rs12 billion against the issuance of at least 51% shareholding in the Silkbank, through its manager to the offer, i.e. Arif Habib Limited (AHL).

“In this regard, a meeting of the Board of Directors of the Bank was held on October 29, 2022, in which the representative of AHL was also invited to update the Board on the status of the proposed capital injection by PVEL,” read the notice on Monday.

Park View Enclave intends to acquire majority shares of Silkbank

The representative of AHL informed Silkbank that due to a change in business priorities, PVEL has withdrawn its intention to acquire at least 51% shareholding in the Bank and requested AHL to communicate the same to the bank.

“The representative of AHL informed the board that for raising the capital of the bank they have identified other potential investors with whom they are in discussions and will update the board upon receipt of the necessary letter of intent,” Silkbank added.

Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with the enactment of the Companies Act, 2017) as a private limited company. The company is part of the Vision Group that is involved in a wide array of other businesses including the pharmaceutical industry, cinemas, and education.

Omer Farooq Mannan is the current Chief Executive Officer of Park View Enclave (Private) Limited. Kiran Aleem Khan is a 50% shareholder in PVEL while Abdul Rehman Khan and Zainab Aleem Khan have a 25% each shareholding in the company.

Last year, Fauji Foundation also expressed its interest in acquiring a majority stake in Silkbank Limited. However, no further progress was made as Silkbank said the Fauji Foundation was no longer interested in the due diligence process.