The Securities and Exchange Commission of Pakistan (SECP) has approved offer for sale of upto 241,921,931 ordinary shares (19.8%) of United Bank Limited (UBL) through stock market.
The present offer will be made through book building to the Institutional Investors and High Net-Worth Individual Investors, both local and foreign.
The offer is being made as part of privatization process by which the Privatization Commission, Government of Pakistan is divesting its 19.8% shareholding in UBL.
The present offer consists of 160,000,000 ordinary shares representing 13.1% of the total paid up share capital of UBL with an Upsize Option of up to an additional 81,921,931 ordinary shares representing 6.7% of the total paid up share capital of UBL.
The book building will be done through International book building mechanism. The book will be run jointly by Credit Suisse (Singapore) Limited, Arif Habib Limited and Elixir Securities Pakistan (Pvt.) Ltd and will be maintained internationally by Credit Suisse.
