Karachi November 1 2024: UBL has submitted an offer to acquire Silkbank at a price of less than one rupee, according to bank’s filing to the exchange.
“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)” states the notification.
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.
