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Silkbank refutes speculation over share sale to Gourmet Group

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Silkbank refutes speculation over share sale to Gourmet Group

SilkbankLtd. refuted market speculation that the lender was grantedapproval from the central bank to sell around 75% of its shares to GourmetGroup, Pakistan Today reported Oct 4.

The management of both companies told the publication thatthe rumor was false speculation aimed at drawing interest around Silkbank stockin order for investors to book intraday profits.

On Oct. 3, speculation arose in Pakistan's stock market thatthe State Bank of Pakistan had granted approval to Silkbank to sell the sharesto Gourmet Group.

The State Bank of Pakistan also denied granting approval tosuch an acquisition, the publication reported.

Silkbank sold 12.05% of its shares to Gourmet Group in 2015after the lender's paid-up capital had fallen below the regulatory minimum.