UBL shareholders approve up to Rs22bn investment in Khushhali Microfinance Bank

August 25, 2026 (MLN): Shareholders of United Bank Limited (PSX: UBL) approved a further equity investment of up to Rs22 billion in Khushhali Microfinance Bank Limited (KMBL) during an Extra-Ordinary General Meeting held on August 24, 2026.

Through special resolutions passed under Section 199 of the Companies Act, 2017, read with the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017, shareholders authorized UBL to increase its aggregate shareholding in KMBL.

The resolutions were approved by a requisite majority of not less than three-fourths (3/4th) of members entitled to vote who were present in person, by proxy, or through postal ballot.

The approval is subject to KMBL proceeding with its Rights Issue at Discount and obtaining all requisite regulatory approvals.

The investment will be made through subscription of UBL's proportionate entitlement in KMBL's rights issue, at a ratio of approximately 51.166 new ordinary shares for every one existing share held.

The new shares carry a face value of Rs10 each and will be issued at a subscription price of Rs2 per share, representing a discount of Rs8 per share.

The resolution also authorizes UBL to subscribe to any unsubscribed shares under the rights issue in its capacity as underwriter, at the applicable discounted price, and to acquire additional shares through further transactions or arrangements as may be negotiated by the bank's authorized persons.

Any two of UBL's President & CEO, Chief Financial Officer, Company Secretary, and Chief Strategy Officer have been jointly authorized to take all necessary actions to give effect to the resolution, including negotiating and executing related agreements, with all such acts binding on the bank.

The resolution further provides that any amendments directed by the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, or the Competition Commission of Pakistan will be deemed incorporated without requiring fresh board or shareholder approval.

In a separate ordinary resolution, shareholders also confirmed the minutes of the bank's 67th Annual General Meeting held on March 26, 2026, without amendment.

The aforementioned information was disseminated through a notification to Exchange.

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