KARACHI, Feb 6: The Pakistan government plans to sell 20 per cent of United Bank Ltd (UBL), reducing its stake to 24.5 per cent, a Privatization Commission official said on Monday.

The official, who requested anonymity, said would-be lead managers had been asked to submit proposals by the end of February for the public offer that will be made through the country’s stock exchanges.

“The commission has invited proposals from brokerage houses and firms for appointment as lead manager for the sale of up to 20 per cent of the government-owned shares in UBL,” the official said.

In 2002, the government sold 51 per cent of shares in UBL to a consortium of the UAE-based Abu Dhabi Group and a British retail-to-financial conglomerate called Bestway Group, retaining 49 per cent of the total 518 million shares.

Last June it tried to sell a further 15 per cent through an initial public offering, but the issue was undersubscribed. On Monday, UBL shares closed Rs1.50 lower at Rs133.—Reuters