Silkbank gives in-principal approval to UBL merger offer

MG News | November 06, 2024 at 01:59 PM GMT+05:00

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November 06, 2024 (MLN): The Board of Directors of Silkbank Limited (PSX: SILK), in its meeting held on November 6, 2024, has accorded its in-principle approval for a potential merger of the Bank with and into United Bank Limited (PSX: UBL).

The offer is in terms of a scheme of arrangement to be sanctioned by the State of Bank of Pakistan under Section 48 of the Banking Companies Ordinance, 1962.

The Board has further authorized the Chief Executive Officer of the Bank to engage advisors and consultants to evaluate the offer made by UBL and to present their findings to the Board for its further consideration.

The Potential Merger remains subject to finalization of deal terms, transaction documents and obtaining of all requisite corporate and regulatory approvals, consents and authorizations.

To note, UBL proposed to issue and allot new UBL ordinary shares to the shareholders of Silkbank on the basis of a ratio of 1 new UBL ordinary share for every 325 Silkbank ordinary shares.

Read: UBL submits offer to merge with Silkbank

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