KARACHI: M/s 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 billion into Silkbank Limited.

According to material information sent to Pakistan Stock Exchange here on Wednesday, PHFC is leading a consortium of like-minded investor group, supported and backed by the well renowned and experienced management of M/s Burj Capital, having requisite experience in setting up and successfully managing Islamic and conventional banks in Pakistan.

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 the SBP approval.

“The Proposed Investment shall be subject to the approval of the Board, shareholders, Securities and Exchange Commission of Pakistan, and State Bank of Pakistan and appropriate disclosures will be made in accordance with applicable laws, as the matter progresses.”

Copyright Business Recorder, 2023