REG - United Bank Limited - Merger of United Bank Ltd. with Silkbank Ltd.

United BankAnnouncement

11/03/2025 09:30

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RNS Number : 1895A  United Bank Limited  11 March 2025

Secretary's Department

 

SD/UBL-SBL/PSX/Sanction-SBP/25

 

11 March 2025

 

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:

 

"State Bank of Pakistan ("SBP"), vide its Sanction Order dated 10 March 2025
has sanctioned the Scheme of Amalgamation of Silk Bank Limited ("SBL") with
and into United Bank Limited ("UBL") under the provisions of Section 48 of the
Banking Companies Ordinance 1962 ("BCO") effective from the date jointly
notified by UBL and SBL and approved by the SBP. The Scheme of Amalgamation
has been sanctioned by the SBP on the terms and modifications set out in the
Sanction Order.

 

Further, pursuant to the Sanction Order issued by SBP and based on the joint
notification by UBL and SBL, SBP has approved, Tuesday, 11 March 2025 as the
"Effective Date" for the purpose of amalgamation of SBL with and into UBL in
accordance with the provisions of Section 48 of BCO. Accordingly, as of the
Effective Date (i.e. start of business Tuesday, 11 March 2025), SBL stands
amalgamated with and into UBL.

 

In accordance with the Scheme of Amalgamation as sanctioned by the SBP
pursuant to the Sanction Order, new ordinary shares of UBL will be issued to
the shareholders of SBL, who stand registered as the shareholders of SBL on
the final book closure date announced by SBL (i.e. 20 March 2025), in
accordance with the swap ratio (being one (1) new ordinary share of UBL having
face value of PKR 10/- per share for every three hundred and twenty-five (325)
ordinary shares of SBL having face value of PKR 10/- per share) and subject to
compliance with legal and  procedural requirements.

 

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.

 

Kind regards,

 

         Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

Copy to:

 

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

 

2)     London Stock Exchange

 

"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:                     11 March 2025
 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 Number: 021-990332960/

                                                                      021-32400419

 

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

 

"State Bank of Pakistan ("SBP"), vide its Sanction Order dated 10 March 2025
has sanctioned the Scheme of Amalgamation of Silk Bank Limited ("SBL") with
and into United Bank Limited ("UBL") under the provisions of Section 48 of the
Banking Companies Ordinance 1962 ("BCO") effective from the date jointly
notified by UBL and SBL and approved by the SBP. The Scheme of Amalgamation
has been sanctioned by the SBP on the terms and modifications set out in the
Sanction Order.

 

Further, pursuant to the Sanction Order issued by SBP and based on the joint
notification by UBL and SBL, SBP has approved, Tuesday, 11 March 2025 as the
"Effective Date" for the purpose of amalgamation of SBL with and into UBL in
accordance with the provisions of Section 48 of BCO. Accordingly, as of the
Effective Date (i.e. start of business Tuesday, 11 March 2025), SBL stands
amalgamated with and into UBL.

 

In accordance with the Scheme of Amalgamation as sanctioned by the SBP
pursuant to the Sanction Order, new ordinary shares of UBL will be issued to
the shareholders of SBL, who stand registered as the shareholders of SBL on
the final book closure date announced by SBL (i.e. 20 March 2025), in
accordance with the swap ratio (being one (1) new ordinary share of UBL having
face value of PKR 10/- per share for every three hundred and twenty-five (325)
ordinary shares of SBL having face value of PKR 10/- per share) and subject to
compliance with legal and  procedural requirements.

 

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

 

 

 

                       Sd/-

__________________

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

Dated: 11 March 2025

 

 

 

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