KARACHI: The board of directors of United Bank Ltd (UBL) has approved the merger with Silkbank Ltd, UBL informed its shareholders through a filing with the Pakistan Stock Exchange on Tuesday.

“We have to inform you that the board of directors of UBL, in its 252nd meeting held on Dec 2, approved the amalgamation of Silkbank Ltd with and into UBL through a share swap arrangement under section 48 of Banking Companies Ordinance 1962,” the bank said.

“On the basis of the swap ratio of one new ordinary share of UBL, having a face value of Rs10 in exchange for 325 already issued shares of Silkbank, each share having a face value of Rs10, issuance of 27,944,188 ordinary shares of UBL other than right issue,” read the notice.

The bank announced that an Extraordinary General Meeting (EOGM) will be convened on Dec 30 for consideration and approval of the amalgamation by the shareholders of UBL.

Published in Dawn, December 4th, 2024