Share swap arrangement: UBL approves amalgamation with SBL

KARACHI: The Board of Directors of United Bank Limited (UBP) has approved the amalgamation of Silk Bank Limited (SBL) with and into UBL through a share swap arrangement in accordance with Section 48 of Banking Companies Ordinance, 1962.

The Agreement to Amalgamate, the Scheme of Amalgamation and other ancillary documentation will be entered into by UBL in connection with the Amalgamation.

On the basis of the swap ratio of one (1) new ordinary share of UBL, having face value of Rs 10/- in exchange of 325 already issued shares of SBL, each share having face value of Rs 10/-, issuance of 27,944,188 ordinary shares of UBL other than right issue.

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Extraordinary General Meeting (EOGM) of UBL will be convened 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 above mentioned decisions of the Board are subject to, amongst others execution of definitive agreements for and in connection with the Amalgamation by the parties to such definitive agreements; receipt of all corporate (including approval of the shareholders), regulatory (including the Competition Commission of Pakistan) and third-party approvals by UBL and SBL; and the sanction of the Scheme of Amalgamation by State Bank of Pakistan under Section 48 of the Banking Companies Ordinance, 1962.

Copyright Business Recorder, 2024