Secretary's Department

SD/PSX/Material-TMB/22

8 February 2022

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi

Dear Sir,

MATERIAL INFORMATION - STATE BANK OF PAKISTAN'S IN-PRINCIPLE APPROVAL TO COMMENCE DUE DILIGENCE OF TELENOR MICROFINANCE BANK LIMITED

ln accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange Limited, we hereby convey the following information:

The State Bank of Pakistan has granted in-principle approval to United Bank Limited to commence the Due Diligence of Telenor Microfinance Bank Limited ("TMB") for proposed acquisition of 55% sponsor shares in TMB, currently held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.

A disclosure form as required under S.R.O. 143/(I)/2012 dated 05 December 2012 read with Section 96 and 131 of the Securities Act, 2015 is attached herewith as 'Annexure A'.

In the light of above, you may please inform the TRE Certificate Holders of the Exchange accordingly.

Yours faithfully, 

         Sd/-

Aqeel Ahmed Nasir

Company Secretary &
Chief Legal Counsel

Copy to:

1.   The Director,
Surveillance, Supervision & Enforcement Department
Securities and Exchange Commission of Pakistan
NIC Building, 63 - Jinnah Avenue, Blue Area Islamabad

2.   London Stock Exchange

ANNEXURE - A

DISCLOSURE FORM

IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015

 [ü] Disclosure of inside information by listed company in terms of section 15D.

Public disclosure of price sensitive / inside information, which directly concerns the listed securities:

The State Bank of Pakistan has granted in-principle approval to United Bank Limited to commence the Due Diligence of Telenor Microfinance Bank Limited ("TMB") for proposed acquisition of 55% sponsor shares in TMB, currently held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.

                                                                                                                                                          Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

8 February 2022