Aleem-linked firm withdraws offer to buy Silkbank

A property development company with links to former Punjab minister Aleem Khan is no more interested in buying Silkbank Ltd. The troubled bank, which is one of the smallest among listed lenders, told shareholders on Monday that Park View Enclave Ltd has withdrawn the offer to acquire a majority stake due to a change in its “business priorities”. Park View Enclave expressed its intention in May to subscribe to at least 51 per cent shareholding of the bank and get its control by way of fresh equity injection of up to Rs12 billion. It was going to acquire any additional shares through a public offer under the prevailing acquisition laws. Speaking to Dawn, JS Global Head of Research Amreen Soorani said Silkbank has been making losses for many years now. The bank’s accumulated losses amounted to Rs20.27bn at the end of 2020, the latest period for which the bank has published its financial accounts. Park View Enclave hadn’t specified the total number of shares it intended to acquire through new subscription and the subsequent public offer.