ISLAMABAD, April 11: The Cabinet Committee on Privatization (CCoP) on Monday approved the initial public offering of 15 per cent shares of United Bank Limited, including a green-shoe option of five per cent in case of oversubscription. The meeting, presided over by Prime Minister Shaukat Aziz, also decided to offer shares to the general public through a reduced lot size of 200 shares each to accommodate maximum number of shares.

The share price will be fixed later. The UBL shares would be listed on three stock exchanges in the last week of next month, sources said.

The meeting also approved the inclusion of strategic sale of Pakistan Steel Mills Corporation and Morafco Industries, Faisalabad, in the privatisation programme.

The CCoP also constituted a sub-committee led by Privatization Minister Dr Abdul Hafeez Sheikh and comprising adviser to the prime minister on finance Dr Salman Shah and Securities and Exchange Commission of Pakistan Chairman Tariq Hasan to look into issues relating to the privatization of Carrier Telephone Industries, Islamabad.