Silkbank Limited Seeks Further Extension for Annual General Meeting Amidst Potential Merger Interest

Karachi, Silkbank Limited has sought a 90-day extension from the Honourable High Court of Islamabad for holding the Annual General Meeting (AGM) for the year ended December 31, 2021. The extension comes in the wake of United Bank Limited (UBL) and MCB Bank Limited (MCB) expressing interest in a potential merger with Silkbank. The due diligence exercises for the proposed mergers are currently underway, with tentative completion timelines set by the State Bank of Pakistan (SBP) for August 23, 2023, and September 02, 2023, for UBL and MCB, respectively. The Board has authorized the management to pursue the extension, and the Bank will inform the Pakistan Stock Exchange Limited (PSX) about the Court’s decision as soon as it is received.

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