UBL approves Silk Bank amalgamation with 1:325 share swap ratio

December 03 2024 (MLN): The Board of Directors of United Bank Limited (UBL) has approved a share swap arrangement for the amalgamation of Silk Bank Limited (SBL), where UBL will issue one new ordinary share for every 325 shares of SBL.

The decision, made during the bank’s 252nd Board meeting on December 2, 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 UBL on Monday 30 December 2024 at Islamabad for consideration and approval of the Amalgamation and above matters by the shareholders of UBL.

"The share transfer books of UBL will remain closed from Monday 23 December 2024 to Monday 30 December 2024 (both days inclusive)," the notification further reads. 

The notification further added that the Board’s decisions are subject to the execution of definitive agreements, shareholder and regulatory approvals, third-party consents, and the State Bank of Pakistan's sanction of the Amalgamation Scheme under Section 48 of the Banking Companies Ordinance, 1962.

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