RNS Number : 6260M
United Bank Limited
24 May 2022
 

 

 

Secretary's Department

SD/PSX/Material/ /22

 

24 May 2022

 

 

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building

Stock Exchange Road

Karachi

 

 

Subject:       MATERIAL INFORMATION - WITHDRAWAL OF PUBLIC ANNOUNCEMENT OF INTENTION TO ACQUIRE MAJORITY SHARES IN SAMBA BANK LIMITED HELD BY SAUDI NATIONAL BANK

 

Dear Sir,

 

In accordance with Section 96 and 131 of the Securities Act, 2015 and the rules made thereunder, 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 ("SBP") granted in-principal approval to United Bank Limited ("UBL") for the due diligence of Samba Bank Limited ("SBL") in respect of acquisition of 84.51% shareholding of SBL, held by Saudi National Bank ("SNB"). However, please note that after completion of the due diligence process, SNB has decided not to proceed with the sale of its shareholding in SBL. Therefore, the subject transaction has been terminated by SNB.

 

AKD Securities Limited, Manager to the Offer, submitted the public announcement of intention to acquire 84.51% shares of SBL, held by SNB, on behalf of UBL. In light of the SNB's decision of terminating the process of sale of its shareholding in SBL, AKD Securities Limited has submitted the withdrawal of UBL's public announcement of intention to acquire SNB's shareholding in SBL. The aforesaid withdrawal of UBL's public announcement of intention is published in Daily Nawa-i-waqt and Business Recorder on 24 May 2022.

 

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

 

Kind regards,

for and on behalf of United Bank Limited

 

Sd/- 

_________________

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

Copy to:

 

1.         Executive Director

Public Offering and Regulated Persons Department

Securities Market Division

Securities and Exchange Commission of Pakistan

NIV Building, Jinnah Avenue, Blue Area

Islamabad, Pakistan

 

2.         The Director

Surveillance, Supervision & Enforcement Department

Securities and Exchange Commission of Pakistan

NIC Building, 63 - Jinnah Avenue, Blue Area, Islamabad

 

3.         London Stock Exchange

 

4.         The Registered Office, Samba Bank Limited



 

ANNEXURE - A

 

 

DISCLOSURE FORM

 

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

 

Name of Company:

United Bank Limited (UBL)

Date of Report:

24 May 2022

Registered Address of the Company:

13th Floor, UBL Building, Jinnah Avenue, Blue Area, Islamabad.

Contact information:

Shoukat Ali

Head-Secretary's Department

United Bank Limited

Telephone Numbers: 021-990332103 & 021-990332576

 

 [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:

 

In light of the Saudi National Bank's decision of terminating the process of sale of its shareholding in Samba Bank Limited (SBL), UBL's public announcement of intention to acquire Saudi National Bank's shareholding in SBL is hereby withdrawn.

 

 Sd/- 

 

________________

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

 

24 May 2022

 

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