Islamabad, Nov 1: UBL Submits Offer to Merge with Silkbank, Eyes Strategic Expansion
United Bank Limited (PSX: UBL) has submitted an offer to Silkbank Limited (PSX: SILK) 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).
According to the stock filing, UBL has proposed to issue and distribute new UBL ordinary shares to Silkbank shareholders in exchange for the amalgamation.
The offer and the Amalgamation are still pending approval from UBL’s shareholders and board of directors, the signing of final deal papers between UBL and Silkbank, and the acquisition of all necessary corporate, legal, and third-party clearances and consents.
The distribution would be one (1) new UBL ordinary share for every 325 Silkbank ordinary shares.
According to the statement, UBL will notify the Exchange of any significant changes in this area.
