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The subscription for Initial Public Offering (IPO) of United Bank Limited (UBL)
shares open from June 3, (Friday) to June 8, 2005 (Wednesday) during banking
hours will benefit 388,500 Pakistani citizens. Shares will be offered in lots
of two hundred (200) per applicant to pass on the benefit to a large section
of the general public. Continuing on the "Privatisation for the People"
program of divestments shares of United Bank Limited ('UBL')
through Karachi, Lahore and Islamabad Stock Exchanges and offer 10% shares to
the general public with a green shoe option of additional 5% shares. The large
quantity of shares offered will also add to the liquid share float in the
market and add significantly to the investor base. The application forms can
be downloaded from PC web site:
www.privatisation.gov.pk or from the newspapers of June 3, 2005.
In order to create awareness regarding this offer Privatisation Commission
held road shows for IPO of UBL shares at Karachi, Peshawar, Hyderabad, Lahore,
Quetta and Sukkur. Next Road Show scheduled on June 3, 2005 (Friday) at Serena
Hotel, Faisalabad at 3 p.m, which will be participated by PC Board members and
officials of PC. Privatisation Commission has appointed AKD Securities (Pvt.)
Limited as the Lead Manager for the IPO of UBL shares. The listing of UBL
would increase market capitalization significantly and would bring a
worthwhile addition, rather a leader, to the banking sector companies listed
on the stock exchanges.
The offer is being made to the general public at the rate of Rs.50/- per
share. With a view to benefiting a larger cross section of the general public,
only 200 shares per applicant are being offered requiring a total investment
of Rs.10,000/- only. The Pakistani citizens, both, resident as well as
overseas have been advised, to get their Computerized National Identity Cards
(CNIC) and open their Bank and CDC accounts to avoid any inconvenience while
submitting their applications. The Bankers to the offer have been issued
instructions to guide and facilitate the applicants in this regard.
UBL, the third largest banks in Pakistan, was privatized in October 2002
through a strategic sale in which 51% (264.18 million) shares were transferred
along with management control. 25.5% (132.09 million) shares each were
acquired by the Abu Dhabi Group and the Bestway Group for a total price of
Rs.12.3 billion. The Government currently holds 49% of UBL's total 518 million
issued shares.