Silk Bank shareholders approve amalgamation with UBL

MG News | December 06, 2024 at 02:47 PM GMT+05:00

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December 06, 2024 (MLN): The shareholders of Silkbank Limited (PSX: SILK) have approved a share swap arrangement for the bank's amalgamation with United Bank Limited (PSX: UBL), 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.

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

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

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