Karachi: Silkbank has formally requested additional time to hold its Annual General Meeting (AGM) for the fiscal year ended December 31, 2021. This move comes after the initial extension granted by the Honorable High Court of Islamabad, which provided the bank an additional 30 days to prepare and disclose its annual financial statements.

According to information available from the Pakistan Stock Exchange (PSX), Silkbank's management communicated this development to the Exchange on October 15, 2024. The request for further extension is aimed at complying with regulatory requirements for publishing financial accounts and conducting the AGM, ensuring that all proceedings adhere to the stipulated guidelines.

The Board of Directors of Silkbank has unanimously agreed to seek this extension from the Securities and Exchange Commission of Pakistan (SECP), demonstrating the bank's commitment to thorough financial disclosure and accountability to its shareholders. The decision was formalized after recognizing the need for more comprehensive preparations to meet the regulatory and shareholder expectations.

This extension request is not only a reflection of the bank's dedication to regulatory compliance but also underscores the challenges faced by financial institutions in finalizing detailed financial disclosures within standard timelines. Silkbank has affirmed that upon approval of the extension by the SECP, it will proceed with the necessary disclosures to the PSX, the SECP, and other relevant parties.