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Pakistan : PAKISTAN: UBL gets SECP nods to sell 19.8% of its shares through stock market

June 10, 2014

The proposal to sell as many as 241,921,931 ordinary shares (19.8%) of United Bank Limited (UBL) via stock market adhering to the Pakistani Government s disinvestment process has secured approval from the Securities and Exchange Commission of Pakistan (SECP).

According to the plans, UBL s ordinary shares will be offered to the Institutional Investors and High Net-Worth Individual Investors, including domestic and global Investors, via book building process.

Releasing a media statement here on Saturday, the SECP has revealed that the planned Offer forms a component of privatization procedure under which the Privatization Commission, Government of Pakistan, is to offload its 19.8% stake in the bank.

The new Offer comprises UBL s ordinary shares of 160,000,000 or 13.1% of the total paid up share capital of the bank along with an Upsize Option for a further set of as many as 81,921,931 Ordinary Shares or 6.7% of the total paid up share capital of the bank.

The SECP has further disclosed in its statement that the book building will be carried out in line with the International book building method.

Credit Suisse (Singapore) Limited, along with Arif Habib Limited and Elixir Securities Pakistan (Pvt.) Ltd will act as joint book-runners for the Offer, while Credit Suisse will be responsible for maintaining it globally.

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Source: TendersInfo (India)

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