Silkbank to issue right shares

KARACHI, Nov 12 (Business Recorder): Silkbank board of directors has in principle approved right shares issue at a discount to meet the minimum capital requirement of the State Bank of Pakistan. However, the issue is subject to all regulatory approvals. Bank Muscat, which is a consortium member, will not participate, as it could not obtain regulatory approval from the Central Bank of Oman.
The other consortium members have supported the rights shares issuance, which will be fully underwritten. The amount of right shares and the discount will be decided in the forthcoming board meeting of Silkbank Limited.