Karachi: United Bank Limited (UBL) has announced the issuance of 27,944,188 new ordinary shares, each valued at PKR 10, to the former shareholders of Silk Bank Limited (SBL). This development follows the stipulated exchange ratio, which grants one new UBL share for every 325 ordinary shares of SBL, as of the close of business on March 20, 2025.

The new shares have been credited in book-entry form to the respective Central Depository Company (CDC) accounts of shareholders who previously held book-entry shares in SBL. This allocation affects those who were active shareholders of SBL as per the designated market category on the specified date.

In addition to the book-entry credits, UBL has communicated plans to dispatch physical share certificates to former SBL shareholders who held shares in physical form. Shareholders are advised to ensure their current addresses are updated with UBL's Share Registrar to facilitate the accurate delivery of these certificates. The deadline for updating addresses is April 4, 2025.

According to information available from the Pakistan Stock Exchange (PSX), the issuance of these shares is a significant step in the integration process following the acquisition of Silk Bank by United Bank Limited. This transaction marks a notable event for stakeholders involved in both financial institutions.

The process of crediting shares and dispatching certificates is expected to conclude in the coming weeks, reinforcing UBL's commitment to a seamless transition for all former Silk Bank shareholders.