Lake City’s company PHFC investing Rs 12 billion in Silkbank
ISLAMABAD: Lake City’s subsidiary, Pakistan Housing Finance Company (PHFC) is going to invest Rs 12 billion in the Silkbank Limited.
The Board of Directors of Silkbank Limited granted its approval for allowing Pakistan Housing Finance Company (PHFC) to conduct the required due diligence for its proposed investment up to Rs12 billion in the bank.
According to an announcement, the proposed investment shall be subject to the approval of the Board, shareholders, Securities and Exchange Commission of Pakistan (SECP), and State Bank of Pakistan (SBP). Also, appropriate disclosures will be made in accordance with applicable laws, as the matter progresses.
Earlier, PHFC, a subsidiary of Lake City Limited had expressed its interest in the injection of equity up to Rs12bn into Silkbank Limited, Mettis Global reported today.
PHFC is leading a consortium of like-minded investor groups, supported and backed by the well-renowned and experienced management of Burj Capital.
It has the requisite experience in setting up and managing Islamic and conventional banks in Pakistan.
PHFC has also informed the Silkbank that in recognition of their standing in the business community and their intent of giving the management role to banking professionals of standing, Arif Habib Group is also willing to participate in a consortium as a minority stakeholder.
