KARACHI, May 26: The Karachi Stock Exchange has approved the provisional listing and quotation of shares of United Bank, the KSE announced here on Wednesday. The action follows the approval of the offer for sale and completion of relevant requirements under the Listing Regulations of the Exchange.
The provisional listing shall take place from the date of publication of offer for sale of the bank in the newspapers, that is, May 26, 2005 in accordance with “The Regulation for Futures Trading in the Provisionally Listed Companies (FTPLC), 2002.”
Elaborating the approval, the KSE said: 1. In accordance with Clauses 5 and 10 of FTPLC, the following information are provided as per the time schedule submitted by the Bank:
i) Name of the Bank: United Bank Limited, ii) Opening date of contract: 26.05.2005, iii) Closing date of contract: 15.07.2005, iv) Settlement Date: 21.07.2005, v) Market lot for trading: 100 Shares of Rs10 each, vi) Maximum number of shares that can be 5,180,000 shares remain outstanding at the close of any business day in any Member’s accounts, vii) Date of removal of the Bank from the Futures Contract: July 18, 2005
viii) The Bank is proposed to be formally listed w.e.f. July 18, 2005, and accordingly the trading in the shares of the Bank will be shifted to ready counter under T+3 settlement system from the said date.
The first settlement date would be July 21, 2005. Notice of formal listing containing the relevant details will be issued separately.
2) All outstanding contracts carried out under these Regulations shall be settled on the settlement date and members shall not be allowed to transfer their positions to the Ready Clearing Board or any other Board.
3) The Exchange may extend the date of settlement if the Bank fails to credit/deliver the shares as per agreed time schedule.
4) A member of the Exchange entering into Futures Trading in the Bank shall have to comply with all the provisions contained in FTPLC (as already notified and circulated amongst the members) including those relating to trading, deposits and margins and clearing and settlement and the trading in the shares of the bank will be governed by the said regulations.
5. The National Clearing Company of Pakistan Limited vide letter No.NCCPL/CS/410/05 dated May 25, 2005 has assigned Bank Code/Security Symbol as “UBL,” it pointed out.—APP
