Aleem Khan’s Park View Enclave Shelves Plan to Invest in Silk Bank

Aleem Khan’s Park View Enclave, one of Pakistan’s most renowned real estate companies, is no longer interested in acquiring a majority stake (51 percent) in Silk Bank for Rs. 12 billion. According to the stock filing, the company, through its manager, Arif Habib Limited, has informed that its management will withdraw its intention of acquiring Silk Bank Limited due to a change in business priorities. Park View Enclave, owned by real estate tycoon and politician Aleem Khan, formerly interested in acquiring a majority stake in Silk Bank, is engaged in the business of property development and other businesses. Accordingly, the Company has also ceased negotiations to acquire shares and control, either directly or indirectly, through an SPV. In May 2022, the real estate company officially approached Silk Bank through its manager, advertising a public announcement of intention in major publications for the acquisition of the majority of shares in the bank and a capital injection of Rs. 12 billion into the banking company. The real estate company engaged with the management of the bank in the past five months but then decided to part ways. Silk Bank is one of Pakistan’s struggling private banks, having failed to meet the bank’s paid-up capital requirement and continuing to report losses in recent years. It is worth remembering that another well-known real estate firm, Bahria Town, acquired Escorts Investment Bank in 2017, but the investment bank continued to lose money despite receiving investments.