Categories: Business

UBL Proposes Merger with Silkbank

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.

Sponsored
Huma Ishfaq

Share
Published by
Huma Ishfaq

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

3 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

4 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

4 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

5 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

6 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

7 hours ago