The Securities and Exchange Commission of Pakistan (SECP) has granted further extension in time to Silk bank to meet the Minimum Capital Requirements (MCRs) and the Capital Adequacy Ratio (CAR) requirement by the end of this calendar year. “Keeping in view the completion date given by the SBP, this Commission has accorded to your request for further extension in time with regard to the allotment and issuance of right shares till Dec 31, 2012,” said the SECP’s director enforcement. The bank had submitted a letter to the SECP on July 12 hence the State Bank of Pakistan extended the time to meet the MCRs and the CAR requirement. The apex regulator said the bank shall issue 2.8 billion shares at Rs 2.50 per share at a discount of Rs 7.50 per share under the light of Section 84 of the Companies Ordinance, 1984. Uzma Naveed Chaudhary, company secretary and head of investor relations and legal affairs of the Silk bank, on Tuesday informed Karachi Stock Exchange about the SECP’s approval. The bank’s unpaid right shares aggregate at 1,028,710,173 shares, she said.
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