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 & 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 shares in an IPO on Feb 3 and 4, at the price of Rs65.80 per share.

PAT up 32pc for ICI

ICI Pakistan Limited announced profit-after-tax (PAT) at Rs2.435bn on a consolidated basis for the six months ended Dec 31, 2020. The PAT stood higher by 32pc over the comparable period of the earlier year. Earnings per share (EPS) attributable to the owners of the holding company was at Rs28.34, up by 41pc in the same period last year (SPLY).

On a standalone basis, PAT and EPS for the six months amounted to Rs2.618bn and Rs28.34 respective, up 26pc SPLY. The board approved interim cash dividend at Rs20 per share for financial year ending June 30, 2021.

Fauji Fertilizer posts Rs20.8bn PAT

Fauji Fertilizer Company Limited declared PAT at Rs20.8bn and EPS at Rs16.36 for CY20, up 22pc over the previous year. Along with the results, the company declared cash dividend at Rs3.40 per share, taking the full year pay-out at Rs11.20 per share.

Published in Dawn, January 29th, 2021