“We would like to inform you that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application in this regard,” the bank said in a statement to the bourse.
The bank informed that as part of the process Silkbank has been requested to allow Fauji Foundation to conduct due diligence of the bank and in this regard, Fauji Foundation intends to apply to the State Bank of Pakistan for the requisite approval of the same.