KARACHI, May 19: The offer for sale documents of United Bank Limited and prospectus/offer for sale of Chenab Limited were cleared by the Karachi Stock Exchange, the bourse stated in a press release issued here on Thursday.

As regards United Bank Limited, the KSE said that the total issued, subscribed and paid-up capital of the bank was Rs5,180 million, out of which an amount of Rs518 million, comprising 10 per cent of the bank’s total paid-up capital was being offered to the general public by the State Bank of Pakistan, through the Privatization Commission, government of Pakistan, at a price of Rs50 per share.

In case of over subscription, the offerer shall exercise the green-shoe option and offer additional five per cent ordinary shares (25.9 million ordinary shares) of the bank to the general public, the KSE said, adding that the shares of United Bank were being offered to the general public through stock exchanges as a part of government’s privatization policy.

About Chenab Limited, the bourse noted that the total capital of the company was Rs1,150 million, out of which an amount of Rs300 million, comprising 30 million ordinary shares of Rs10 each were being offered to the general public at a pre-mium of Rs8 per share by way of fresh issue of 15 million ordinary shares and disinvestment of 15 million ordinary shares by the existing shareholders.

The KSE said that after the approval by the Securities and Exchange Commission of Pakistan, UBL and Chenab Limited would also arrange presentations in the KSE auditorium before opening/closing of subscription.