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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”.
Stocks extended the ongoing rally on Wednesday when after opening in the green, the index continued to climb until it reached intra-day high by 392 points. AFP/File
KARACHI: Stocks extended the ongoing rally on Wednesday when after opening in the green, the index continued to climb until it reached intra-day high by 392 points.
Mid-day profit taking pulled the index down which managed to retain the day’s gains of 169.92 points or 0.37 per cent and crossed over the 46,000 level after 32 months at 46,091.96 points.
Investors have come to visualise improvement in the economy on the basis of increase in remittances, stable foreign exchange reserves and currency. The recovery from the first wave of pandemic received credence by figures of the double-digit growth of 14.46pc in the large scale manufacturing.