UBL’s 19.8 pc shares sell-off on cards

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has given a go ahead to the sell-off of United Bank Limited’s (UBL) 19.8 percent shares held by the government of Pakistan.

SECP said the government is holding 240 million scrips of UBL which is equal to 19.8 percent of the bank’s total equity.

In the first phase 160 million shares are expected to be offloaded on June 11.

The government will decide about selling the rest of its holding in view of the investors response.

The price of the shares will be determined through book building by Credit Swiss Singapore, Arif Habib and Elixir Securities under relevant international laws.

Meanwhile, the government is expected to garner Rs198 billion through privatization of various state-run organizations.