UBL submits offer to merge with Silkbank

MG News | November 01, 2024 at 09:20 AM GMT+05:00

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November 01, 2024 (MLN): United Bank Limited (PSX: UBL) has submitted an offer to Silkbank Limited (PSX: SILK) for the amalgamation of Silkbank with and into UBL.

As consideration for the Amalgamation, UBL has 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.

That is pursuant to a scheme of amalgamation to be filed with and sanctioned by the SBP under Section 48 of the Banking Companies Ordinance, 1962.

The offer and the Amalgamation remain subject to approval of the Board of Directors and shareholders of UBL, execution of definitive transaction documents between UBL and Silkbank, and receipt of all corporate, regulatory, and third-party approvals and consents required for the Amalgamation.

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