Fauji Foundation seeks majority stake in Silkbank.

KARACHI -- Fauji Foundation (FF) has expressed interest in acquiring the majority stake in Silkbank Limited, the bank said in a regulatory filing with the Pakistan Stock Exchange on Thursday.

As part of the process, Silkbank had been requested to allow FF to conduct due diligence of the bank. In this regard, FF intended to apply to the State Bank of Pakistan (SBP) for the requisite approval. Silkbank said that in a meeting on Jan 28, its Board - subject to the approval of SBP - had given its in-principle approval to allow FF to conduct the required due diligence and evaluate the information that would be provided by the bank.

Panther Tyres raises Rs2.6bn

Panther Tyres Limited raised Rs2.632 billion through a two-day book building which represented over-subscription by 4.4 times. Broad-based participation from institutional and high net worth investors was witnessed, said Arif Habib Limited, the Lead Manager and Book Runner for the initial public offering (IPO).

The strike price worked out to Rs65.80 per share, representing 40 per cent higher than the floor price of Rs47.00. The total demand received in the book building amounted to Rs8.215bn against the issue size of Rs1,880bn, showing oversubscription by Rs6.335bn. The general public would now be offered...