Islamabad: Silkbank Limited has requested an additional extension from the Islamabad High Court to delay its Annual General Meeting (AGM) for the fiscal year ended December 31, 2021. The bank cited the ongoing due diligence process by UBL as the reason for this request.
In a continuation of its legal adjustments, Silkbank informed the Pakistan Stock Exchange on May 29, 2024, that the court had previously granted an extension until September 02, 2024. This extension was initially given to accommodate the final stages of a due diligence examination by UBL, a significant aspect of the bank's current corporate affairs. According to information available from the Pakistan Stock Exchange (PSX), the management of Silkbank is now set to file a new application seeking further delay in hosting the AGM scheduled for 2021.
The request for an additional postponement is being made to ensure that all necessary procedures and reviews are thoroughly completed, which are critical to the future operations and strategy of the bank. The outcome of this application is pending as Silkbank awaits the court's decision.
Upon receiving the court's order, Silkbank plans to promptly notify the PSX and the certificate holders of the exchange of any developments regarding the scheduling of the AGM.