Karachi May 31 2022: Manager to Offer by Park View Enclave (Pvt.) Limited (Acquirer), in accordance with the provision of the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, on behalf of the Acquirer, submit a Public Announcement of Intention to acquire at least 51% of the issued and paid up capital of Silkbank Limited (the “Target”).
The intended acquisition is through a proposed subscription of new ordinary shares in Silkbank Limited (the “Target”) by way of fresh equity injection of up to PKR 12 billion. The Acquirer intends to subscribe, directly or indirectly through a SPV and/or through a consortium led by the Acquirer, to at least 51% of shareholding and control in the Target through the fresh equity injection. Additional shares will be acquired from the minority shareholders by way of a public offer in accordance with applicable laws.
Park View Enclave (Private) Limited was incorporated on March 22, 2012, under the Companies Ordinance, 1984, (Repealed with enactment of the Companies Act, 2017) as a private limited company. The Company is engaged in the business of property development and other businesses. Acquirer is part of Vision Group that is involved in a wide array of other businesses including pharmaceutica industry, cinemas, and education.
