This is with reference to the Public Announcement of Intention (PAI) issued by M/s Park View Enclave (Pvt) Ltd for investment of upto PKR 12 billion in Silkbank. In this regard M/s Arif Habib( AHL), Manager to the offer, informed that due to change in business priorities, M/s. Park View Enclave (Pvt ) Ltd will not pursue the said letter of intent further. The representative of AHL also informed the Silkbank Board that for raising the capital of the Bank, they have identified other potential strong investors who have good prospects of meeting regulatory criteria, and they will update the Board upon receipt of the necessary letter of intent in the coming weeks. The potential equity injection will help accelerate the future growth of the bank and post capitalization, the Bank will be able to fully comply with regulatory capital requirements. It is pertinent to mention that the bank’s flagship Consumer Business continue to be amongst the top performing businesses in the industry. As a testament of the customer confidence reposed in the Bank, the growth was led by its Credit Cards and Personal Loan products registering a growth of 41% profit before taxes from Rs. 1.57 billion in 2019 to Rs. 2.23 billion in 2020. The deposits of the Bank substantially increased by Rs. 21 billion as compared to December 2019, taking the total deposit base to Rs. 160 billion. Local currency Current Account grew by 32% while CASA deposits improved from 61% in December 2019 to 63% in December 2020. The bank’s Net Revenue also increased by Rs. 2.96 billion registering 61% growth while expenses declined by Rs. 638 million, decline of 8%. The upward positive momentum continues in 2022 as well. On the other hand, the Bank had to take various provisions in 2020 against some borrowers engaged primarily in the real estate businesses which were secured against mortgage of land. However, in December 2020, the Bank entered into a REIT arrangement for disposal of these mortgaged land held by the Bank with M/s Arif Habib Dolmen REIT Management Company (RMC). This development will substantially address the Bank’s NPL issue and result in major provision reversals. Moreover, Bank also entered into the agreement for disposal for its owned properties with the RMC. This will not only reduce non-earning assets of the Bank but significant capital gains are also expected to be realized by the Bank. The Bank has already received approx. Rs. 2.6 billion as down payment against the said REIT structure. Besides, the Bank has also entered into arrangements with other major borrowers to ensure expeditious recovery of loans classified in 2020. The Bank expects most of these provisions to reverse within the next 12 – 24 months through the settlement and sale of mortgaged properties.