KARACHI: In a filing with the Pakistan Stock Exchange on Tuesday, United Bank Ltd. (UBL) notified its shareholders that the merger with Silkbank Ltd. had been approved by the board of directors.
“We must notify you that, in accordance with section 48 of the Banking Companies Ordinance 1962, the UBL board of directors authorized the merger of Silkbank Ltd. with and into UBL through a share swap arrangement at its 252nd meeting on December 2nd,” the bank stated.
The notice stated that 27,944,188 ordinary shares of UBL other than right issues will be issued “based on the swap ratio of one new ordinary share of UBL, having a face value of Rs10 in exchange for 325 already issued shares of Silkbank, each share having a face value of Rs10.”
The bank declared that on December 30, the shareholders of UBL will have an Extraordinary General Meeting (EOGM) to discuss and approve the merger.
