REG - United Bank Limited - ESTABLISHMENT OF EXCHANGE COMPANY & DIVESTMENT

United BankAnnouncement

12/09/2023 07:15

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RNS Number : 1406M  United Bank Limited  12 September 2023

Secretary's Department

 

SD/BOD-245/PSX/UNBL&EC/23

12 September 2023

 

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building

Stock Exchange Road

Karachi

 

Dear Sir,

ESTABLISHMENT OF EXCHANGE COMPANY BY UNITED

BANK LIMITED ("UBL") AND DIVESTMENT OF UP TO 55%

SHARES OF UNITED NATIONAL BANK LIMITED ("UNBL UK")

 

The Board of Directors of UBL in their meeting held on 11 September, 2023 have
approved the following:

 

1.   Establishment of an Exchange Company with PKR 1.0 Billion as initial
Paid Up Capital, as wholly owned subsidiary of UBL subject to approval by
State Bank of Pakistan and other regulatory compliances.

 

2.   Approval of "Indicative Offer" received from Bestway Group (BG) to
acquire entire shareholding of UBL in UNBL UK. Currently, UBL owns 55% shares
in UNBL UK.

 

UNBL UK contributed an Earnings Per Share (EPS) of Rs 0.57 to the Consolidated
EPS of UBL for the Half Year ended June 30, 2023. For full year 2022 the EPS
contribution of UNBL UK to the Consolidated EPS of UBL stood at Rs 0.48 per
share. The Risk Weighted Assets of UNBL UK stood at PKR 339.2 Billion as at
June 30(th) 2023 with a downward impact of 200 basis points to the
Consolidated Capital Adequacy Ratio of UBL.

 

The above approval of the Board of Directors of UBL is subject to the
approval/clearance by the State Bank of Pakistan and all other regulatory
compliances required in this regard in both Pakistan and UK.

 

You may please inform the TRE Certificate Holders of the Exchange accordingly.

 

Yours faithfully,

 

 

Aqeel Ahmad Nasir

Company Secretary &

Chief Legal Counsel

 

C.C to:

 

1-   London Stock Exchange, London UK.

2-   The Commissioner, Enforcement E Monitoring Division, SECP, Islamabad.

ANNEXURE - A

 

 

DISCLOSURE FORM

 

IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015

 

 Name of Company:                    United Bank Limited
 Date of Report:                     12 September 2023
 Registered Address of the Company:  13(th) Floor, UBL Building, Blue Area, Islamabad.
 Contact information:                Aqeel Ahmed Nasir,

                                     Company Secretary & Chief Legal Counsel

                                     United Bank Limited.

                                     Telephone Numbers: 021-990332960 & 021-32400419

 

  ü  Disclosure of inside information by listed company in terms of section
15D.

 

Public disclosure of price sensitive / inside information, which directly
concerns the listed securities:

 

1.   Establishment of an Exchange Company with PKR 1.0 Billion as initial
Paid Up Capital, as wholly owned subsidiary of UBL subject to approval by
State Bank of Pakistan and other regulatory compliances.

 

2.   Approval of "Indicative Offer" received from Bestway Group (BG) to
acquire entire shareholding of UBL in UNBL UK. Currently, UBL owns 55% shares
in UNBL UK.

 

UNBL UK contributed an Earnings Per Share (EPS) of Rs 0.57 to the Consolidated
EPS of UBL for the Half Year ended June 30, 2023. For full year 2022 the EPS
contribution of UNBL UK to the Consolidated EPS of UBL stood at Rs 0.48 per
share. The Risk Weighted Assets of UNBL UK stood at PKR 339.2 Billion as at
June 30(th) 2023 with a downward impact of 200 basis points to the
Consolidated Capital Adequacy Ratio of UBL.

 

The above approval of the Board of Directors of UBL is subject to the
approval/clearance by the State Bank of Pakistan and all other regulatory
compliances required in this regard in both Pakistan and UK.

 

 

 

 

 

________________

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

12 September 2023

 

 

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