UBL acquires 67.4 percent shares of KBL

United Bank Limited (UBL) consortium has been selected higher bidder for acquisition 67.4 percent shares of Khushkhali Bank Limited (KBL).
According to information sent to Karachi Stock Exchange, UBL's consortium comprising UBL, Rural Impulse Fund II, S.A SICAV-FIS (represented by Incofin Investment Management Comm.VA), ShoreCap II Limited (represented by Equator Capital Partners LLC), ASN-NOVIB Mircokredietfonds (represented by Trip Jump B.V) and Credit Suiss Microfinance Fund Management Company (represented by Responsibility Global Microfinance Fund) has been selected as the highest bidder by the selling shareholders of Khushkhali Bank Limited, a micro finance institution. In this regard a letter of acceptance has been issued by the sellers in favour of UBL consortium for proposed acquisition of 67.4 percent shares of KBL.
However, they have made its clear that consummation of purchase of shares from the selling shareholders is conditional upon regulatory consents and approvals including consents from the State Bank of Pakistan, Competition Commission of Pakistan and upon successful execution of shares purchase agreement. UBL's post acquisition direct shareholding in KBL will be approximately 29.7 percent.