Silkbank Limited (PSX: SILK) has received a letter of intention (LoI) from the International Commercial Bank of South Sudan to subscribe to its shares up to the extent of 50 million euros (“potential investment”).
In a stock filing to the Pakistan Stock Exchange (PSX), SILK Bank confirmed that its Board of Directors in a meeting held on April 05, 2023, reviewed and considered this LoI and accordingly granted its approval to the Bank to formally pursue the potential investment.
“The Board has further authorized the management to enter into a discussion with the ICB to finalize the terms and conditions and documentation and to present the same to the Board for its consideration and implementation if considered appropriate,” the filing said.
It added, “The Proposed investment remains subject to the approval of the Board, shareholders, Securities and Exchange Commission of Pakistan, and State Bank of Pakistan and appropriate disclosures will be made in accordance with applicable laws, as the matter progresses”.
If the investment is successful, it would significantly strengthen Silkbank Limited’s liquidity and allow the bank to expand its operations in the country.
International Commercial Bank South Sudan (ICB) is a national South Sudanese bank, founded in June 2011 by a group of South Sudanese and international businessmen.
At the time of filing, the Bank’s scrip at the bourse was Rs. 1.09, up 5.83 percent or Rs. 0.06 with a turnover of 12,708,000 shares on Thursday.
Newer articles:
- EACRF achieves deployment status with South Sudan's DRC entry - 07/04/2023 07:05
- Survey puts South Sudan’s population at 12.4 Million - 07/04/2023 06:20
- TIKA initiative supports underprivileged women in South Sudan - 07/04/2023 06:01
- South Sudan seeks inclusion in UNESCO Biosphere Reserves - 07/04/2023 01:21
- ONGC Videsh wins $190-million arbitration awards against Sudan - 07/04/2023 00:43
Older news items
- Early Marriage and Unintended Pregnancies the 'Elephant in the Room' in Camp for Displaced Persons, South Sudan - 06/04/2023 06:10
- UN, C. Equatoria State government to register IDPs - 06/04/2023 05:14
- Deal to restore democratic transition in Sudan delayed again - 06/04/2023 00:53
- Tanzania to host FIBA Africa basketball competition - 06/04/2023 00:22
- In flood-hit South Sudan, women harness power of plants - 05/04/2023 07:24
Latest news items (all categories):
- The power struggles among South Sudan’s political leaders are the direct cause of its ongoing conflict - 11/07/2026 14:03
- Celebrating Independence In The Midst Of Sorrow - 11/07/2026 13:41
- South Sudan resumes oil-backed financing - 11/07/2026 13:33
- Press statement: Strive For National Unity In Honor Of South Sudan's Independence - 10/07/2026 21:23
- Fifteen years of independence for South Sudan, but still little to celebrate - 10/07/2026 21:23
Random articles (all categories):
- South Sudan’s Kiir rejects U.S senator’s call to step down - 24/01/2022 16:00
- Collo Community Council - Grievances of Chollo Community against Government of South Sudan’s aggression, discrimination and exploitation - 12/10/2017 20:34
- Letter of Appreciation to Hon. Puot Kang and Cde Eng. Awow Daniel Chuang - 23/02/2022 12:43
- South Sudan security forces strip, rob peace deal monitors - 19/12/2018 04:30
- US to South Sudan: Sign peace deal or face UN sanctions - 19/08/2015 06:26
Popular articles:
- Who is the darkest person in the world, according to Guinness World Record? - 25/10/2022 02:34 - Read 147758 times
- School exam results in South Sudan show decline - 01/04/2012 17:58 - Read 27841 times
- Top 10 weakest currency exchange rates in Africa in 2023 - 19/07/2023 00:24 - Read 24931 times
- No oil in troubled waters - 25/03/2014 15:02 - Read 24251 times
- NDSU student from South Sudan receives scholarship - In-Forum - 29/09/2012 01:44 - Read 22161 times
