United Bank Limited (PSX: UBL) has offered to merge Silkbank Limited (PSX: SILK) under Section 48 of the Banking Companies Ordinance, 1962 (Amalgamation). This proposal follows a scheme of amalgamation that will be submitted to the State Bank of Pakistan (SBP) for approval.
In the stock filing, it was mentioned that as part of the amalgamation, UBL has proposed to distribute new ordinary shares of UBL to Silkbank shareholders. The distribution would be based on a ratio of one new UBL share for every 325 Silkbank ordinary shares.
All necessary corporate, regulatory, and third-party approvals and consents must be obtained before the Amalgamation and the offer may be finalized. These include the approval of UBL’s Board of Directors and shareholders, the execution of definitive transaction instruments between UBL and Silkbank, and the receipt of all other necessary clearances and consents.
According to the filing, UBL will let the Exchange know about any important changes in this case.
