The Karachi Stock Exchange (Guarantee) Limited’s extension In the date of subscription tot un subscribed rights shares

Karachi: We have to inform you that the SECP has granted its approval for extension in time to December 31, 2011 for allotment and issuance of the unpaid rights shares of the Bank aggregated 1,028,710,173 shares.

Extension in Time for Issuance of Rights Shares at Discount

Phase refer to your letter dated August 24, 2011 on the subject noted above wherein Silkbank Limited (“Company”) has requested grant of extension up to December 31, 2011 to complete the subscription of the subject rights issue.

2. The Company has submitted exemption letter dated August 11, 2011 wherein the State Bank of Pakistan (“SBP”) has extended the dime to meet the Minimum Capital Requirement (“MCR”) and Capital Adequacy Ratio (“CAR”) requirements till December 31, 2011.

3. Keeping in view the completion date given by SBP, this Commission has acceded to your request for further extension in time with regard to the allotment and issuance of right shares till December 31, 2011. Accordingly, the Company shall issue 2.8 billion shares at Rs.2.50 per share i.e. at a discount of Rs. 17.50 per share, by way of right issue under section 84 of the Companies Ordinance, 1984 keeping in view the conditions as set out in this office letter dated January 20, 2010.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136