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“Fauji Foundation has expressed interest in acquiring the majority stake in Silkbank Ltd,” Silkbank informed the Pakistan Stock Exchange (PSX) in a mandatory filing on Jan 28. Silkbank had been requested by the potential acquirers that it should allow them to conduct due diligence. It was said that Fauji Foundation intended to apply to the State Bank of Pakistan (SBP) for requisite approval. Silkbank stated that in the meeting of the board held on Jan 28, the bank had “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 would be provided by Silkbank in this regard”.

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