Treasure Magazine

Treasure Magazine

Fauji Foundation may acquire majority share of Silkbank Ltd

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silkbank

KARACHI:  The Fauji Foundation (FF) has expressed its interest to acquire the majority stake of the Silkbank Limited and in this connection, the Bank has asked State Bank of Pakistan (SBP) for approval of due-diligence here on Thursday.

“As part of the process, Silkbank has been requested to allow FF to conduct due diligence of Silkbank and in this regard FF intends to apply to the SBP for the requisite approval of the same,” a notice of the Silkbank informed the Pakistan Stock Exchange (PSX) website.

Silkbank hereby notifies the PSX that the board of Directors of Silkbank Limited in its meeting held on January 28, 2021, has subject to the approval of the SBP, given its in-Principle approval to allow Fauji Foundation to conduct the required due diligence and evaluate the information that will be provided by Silkbank in this regard, the bank said.