Silkbank Limited (PSX: SILK) has officially announced its merger with United Bank Limited (PSX: UBL). The merger will result in Silkbank issuing 325 of its shares, each valued at PKR 10, in exchange for one ordinary UBL share, also valued at PKR 10. Additionally, 27,944,188 new UBL shares will be issued, not as part of a rights issue.
Key steps to finalize the Merger include:
- Signing of Definitive Agreements: Both parties will execute necessary agreements and related documents.
- Corporate and Regulatory Approvals: The process will involve obtaining approvals from shareholders and regulators, as per Pakistani law.
- State Bank of Pakistan Sanction: The central bank must approve the scheme for regulatory compliance.
This merger will integrate Silkbank’s operations into UBL, strengthening UBL’s market position.
