ISLAMABAD, June 1: The subscription for initial public offering of United Bank Limited shares will open on June 3 (Friday), which will remain open till June 8 during banking hours, says a handout issued here on Wednesday.

The Privatization Commission will offer 10 per cent (51.8m) shares of UBL with a green-shoe option of additional five per cent shares for the benefit of 388,500 citizens. With a view to benefiting a large section of the general public, only 200 shares per applicant are being offered, requiring a total investment of Rs10,000.

In order to create awareness regarding this offer, the Privatization Commission held roadshows for IPO of UBL shares in Karachi, Peshawar, Hyderabad, Lahore and Quetta. The next roadshow is scheduled for June 2 (Thursday) at the Forum Inn. AKD Securities (Pvt) Limited has been appointed as the lead manager for IPO of UBL. The application forms can be downloaded from the PC website: www.privatisation.gov.pk.

UBL, the third largest banks in Pakistan, was privatized in October 2002 through a strategic sale in which 51 per cent (264.18 million) shares were transferred along with management control. The 25.5 per cent (132.09 million) shares each were acquired by the Abu Dhabi Group and the Bestway Group for a total price of Rs12.3 billion. The government currently holds 49 per cent of UBL’s total 518m issued shares.