Silkbank's shareholders back merger with UBL

MG News | December 27, 2024 at 08:59 AM GMT+05:00

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December 27, 2024 (MLN): The shareholders of Silkbank Limited (PSX: SILK) have approved the amalgamation of Silkbank Limited (PSX: SILK) into and with United Bank Limited (PSX: UBL), the bank's filing on PSX revealed today.

This is subject to all regulatory approvals required, including approval of the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan (CCP).

Earlier this month, the Board of Directors of UBL approved a share swap arrangement for the amalgamation of SILK, where UBL will issue one new ordinary share for every 325 shares of SBL.

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