REG - United Bank Limited - Disclosure of Material Information-United Bank Ltd

United BankAnnouncement

01/11/2024 07:45

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RNS Number : 5824K  United Bank Limited  01 November 2024

     Secretary's Department

 

             UBL/Silk-02/PSX/Material/24

 

             01 November 2024

 

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building

Stock Exchange
Road

Karachi

 

Dear Sir,

Disclosure of Material Information

 

In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause
5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited ("PSX"), we
hereby convey the following information:

 

"Further to our disclosure dated 28 April 2023, United Bank Limited ("UBL") is
pleased to inform that it has submitted an offer to Silkbank Limited
("Silkbank") for the amalgamation of Silkbank with and into UBL pursuant to a
scheme of amalgamation to be filed with and sanctioned by the SBP under
Section 48 of the Banking Companies Ordinance, 1962 ("Amalgamation").

 

As consideration for the Amalgamation, UBL has proposed to issue and allot new
UBL ordinary shares to the shareholders of Silkbank on the basis of a ratio of
one (1) new UBL ordinary share for every three hundred and twenty-five (325)
Silkbank ordinary shares.

 

The offer and the Amalgamation remain subject to approval of the Board of
Directors and shareholders of UBL, execution of definitive transaction
documents between UBL and Silkbank, and receipt of all corporate, regulatory
and third-party approvals and consents required for the Amalgamation.

 

UBL shall keep the Exchange informed of any material developments in this
regard."

 

You are requested to disseminate the above information to TREC Holders of the
Exchange.

 

Yours faithfully,

 

 

           Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

C.C. to:

 

1)   London Stock Exchange.

2)   Director / HOD, Surveillance, Supervision and Enforcement Department,
Securities and Exchange Commission of Pakistan, NIC Building, 63 Jinnah
Avenue, Blue Area, Islamabad.

 

 

DISCLOSURE FORM

IN TERMS OF SECTION 96 AND 131 OF THE

SECURITIES ACT, 2015

 

 

 

Name of Company:                         United Bank
Limited

 

Date of Report:                               01
November 2024

 

Address of Registered Office:         13(th) Floor, UBL Building,
Jinnah Avenue, Blue Area, Islamabad

 

Contact
Information:
Aqeel Ahmed Nasir

Company Secretary & Chief Legal Counsel

United Bank Limited

 

 

Disclosure of Inside Information by Listed Company in Terms of Section 96
& 131 of the Securities Act, 2015.

 

"Further to our disclosure dated 28 April 2023, United Bank Limited ("UBL") is
pleased to inform that it has submitted an offer to Silkbank Limited
("Silkbank") for the amalgamation of Silkbank with and into UBL pursuant to a
scheme of amalgamation to be filed with and sanctioned by the SBP under
Section 48 of the Banking Companies Ordinance, 1962 ("Amalgamation").

 

As consideration for the Amalgamation, UBL has proposed to issue and allot new
UBL ordinary shares to the shareholders of Silkbank on the basis of a ratio of
one (1) new UBL ordinary share for every three hundred and twenty-five (325)
Silkbank ordinary shares.

 

The offer and the Amalgamation remain subject to approval of the Board of
Directors and shareholders of UBL, execution of definitive transaction
documents between UBL and Silkbank, and receipt of all corporate, regulatory
and third-party approvals and consents required for the Amalgamation.

 

UBL shall keep the Exchange informed of any material developments in this
regard."

 

 

Dated: 01 November 2024

                   Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

 

 

 

 

 

 

 

 

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