Karachi, November 30, 2012 (PPI-OT): With reference to the subject cited above, this is to inform you that Arif Habib Corporation Limited (AHCL) is intending to enter into a put option agreement with Silkbank Limited and subscribers of the Preference Shares (Identified Investors) in connection with the proposed issue of 960 Million privately placed, perpetual, non-cumulative preference shares of Silkbank Limited of Rs. 2.50 each having a tenor of 3 years. The said shares are convertible into ordinary shares of Silkbank at a conversion ratio of 1:1.
In this regard a letter of intent has been written to Silkbnak Limited which is subject to the approval of Board of Directors of the Company and regulatory authorities.
To consider and approve the above, an emergency meeting of Board of directors will be held on Saturday, 1st December 2012 at 11:30 am at Arif Habib Centre, 23 M.T. Khan Road, Karachi.
Further, it is hereby notified that in compliance with the clause xxiii of the Code of Corporate Governance, Closed Period is hereby determined from 30th November 2012 to 1st December 2012 (both days inclusive) prior to the outcome of the meeting. The decision taken by the Board will be informed after the Board Meeting.
We believe that the aforementioned information meets the requirements of the Listing Regulations of the esteemed Exchanges.
For more information, contact:
Arif Habib Corporation Limited
Arif Habib Centre,
23 M. T. Khan Road, Karachi 74000