Issuance of right shares of Silk Bank Limited

Karachi: Silk Bank Limited informed Karachi Stock Exchange about issuance of right shares of Rs. 10 billion through issuance of 6,410,256,410 right shares at Rs. 1.56 per share (Right Shares) at a discount of Rs. 8.44 per share, under the Companies Ordinance, 1984, subject to the approval of SECP and in furtherance to other announcements made by the Bank in this respect.

Silk Bank Limited was incorporated in Pakistan on April 4, 1994 as a public limited company. The foundations of the company are laid under the Companies Ordinance, 1984. The bank commenced its commercial operations on May 7, 1995. The bank is engaged in the banking services as described in the Banking Companies Ordinance, 1962. The bank operates through 88 branches including 10 Islamic Banking branches in Pakistan. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the bank is located at Karachi.

The major share holding of the bank i.e. 82.406% in the bank as on September 30, 2013 is held by a consortium comprising of International Finance Corporation, Nomura European Investment Limited, Bank Muscat S.A.O.G. and executives of the Sinthos Capital Advisors Limited.

The symbol “SILK” is being used by the stock exchanges for the shares of Silk Bank Limited.