Islamabad, Dec 4: The merging of Silkbank (PSX: SILK) with United Bank Limited (PSX: UBL) has been accepted by the banks’ board of directors. This means that all of Silkbank’s operations will be combined through a share swap arrangement with UBL.
Silkbank’s completion of the Amalgamation Agreement, Amalgamation Scheme, and other supporting papers for the proposed amalgamation. In exchange for 325 already-issued shares of the Bank, each with a face value of PKR 10/-, one (1) new ordinary share of UBL with a face value of PKR 10/-, 27,944,188 ordinary shares of UBL other than rights issues were issued.
The following conditions must be met, among others: (a) the parties to the definitive agreements execute them for and in connection with the proposed amalgamation; (b) the necessary corporate and regulatory formalities are completed, including obtaining the necessary shareholder and regulatory approvals in compliance with applicable laws; and (c) the State Bank of Pakistan approves the scheme.
