KARACHI, May 25: The provisional listing of United Bank Limited on the Karachi Stock Exchange would take place from Thursday (May 26), which would be the same date on which the offer for sale of shares in the bank would be published in newspapers, a notice issued by the bourse on Wednesday said.

It stated that the KSE had approved provisional listing and quotation of shares of the bank consequent upon the approval of offer for sale and completion of relevant requirements under the listing regulations of the exchange. The provisional listing would be in accordance with “The Regulation for Futures Trading in the Provisionally Listed Companies”, 2002.

The notice stated that in accordance with clauses 5 and 10 of FTPLC, the following information were provided as per the time schedule submitted by the bank: Name of the bank: United Bank Limited; opening date of contract: 26.05.2005; closing date of contract: 15.07.2005; settlement date 21.07.2005; market lot for trading: 100 shares of Rs10 each; maximum number of shares that can remain outstanding at the close of any business day in any member’s account: 5.180 million; date of removal of the bank from the futures contract: 18.07.2005; the bank is proposed to be formally listed w.e.f. Monday, July 18, 2005, and accordingly 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, the KSE said.

The notice further stated that 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; the exchange may extend the date of settlement if the bank fails to credit/deliver the shares as per agreed time schedule; 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. 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”, the KSE said in its statement.