KARACHI, Sept 11: United Bank Limited (UBL) second tranche of shares would be offered to the general public after Eid. Minister for Privatisation and Investment Zahid Hamid told Dawn on Monday that the secondary offering of UBL’s shares to the general public in the domestic market would be of five per cent. Another five per cent would be offered in green shoe option.

The minister had chaired a meeting of the Privatization Commission Board in Islamabad on Saturday in which board members and senior officials of respective ministries and departments were also present.

The minister dismissed concerns about the setback to the privatisation process and said that “transactions were on track”. He however declined to announce dates of sale saying that a firm schedule would be announced, which would be adhered to.