After SILK, UBL shareholders approve amalgamation plan

By MG News | December 09, 2024 at 01:31 PM GMT+05:00

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December 09, 2024 (MLN): After Silkbank Limited (PSX: SILK), the shareholders of United Bank Limited (PSX: UBL) have approved the share swap arrangement for the bank's amalgamation, under which UBL will issue one new ordinary share for every 325 shares of SILK.

This decision is subject to the approval of the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan.

This decision will result in the issuance of 27,944,188 new shares by UBL.

The shareholders also approved the issuance of 27,944,188 fresh ordinary shares other than the right issue, as approved and recommended by the Board of Directors

This merger will be executed under a share swap arrangement following Section 48 of the Banking Companies Ordinance, 1962.

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