December 04, 2024 (MLN): The Board of Directors of Silk Bank Limited (SILK) has approved a share swap arrangement for the amalgamation of the bank where UBL will issue one new ordinary share for every 325 shares of SILK.

The decision, made during the bank’s 206th Board meeting on December 04, 2024, will result in the issuance of 27,944,188 new UBL shares, the Bank's filing on PSX revealed today. 

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

During the meeting, the board also approved the convening of the Extraordinary General Meeting (EOGM) of SBL on December 26, 2024 for consideration and approval of the Amalgamation and above matters by the shareholders of SBL.

Yesterday, the board of UBL approved the terms and conditions of the respective merger of SBL with and into UBL.

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