Karachi: United Bank Limited (UBL) has announced the issuance of 27,944,188 new ordinary shares to the entitled shareholders of the former Silkbank Limited (SBL), a move that follows a merger agreement between the two institutions. These shares, with a face value of PKR 10 each, have been allocated according to a swap ratio of one UBL share for every 325 SBL shares held, as per the records at the close of business on March 20, 2025.

The newly issued UBL shares have been credited in book-entry form to the Central Depository Company (CDC) folios of those shareholders who previously maintained their shares in SBL in a similar form. This transition is part of the broader integration process following the absorption of Silkbank into UBL.

In addition to the electronic allocation, UBL has stated that it will soon dispatch physical share certificates to former SBL shareholders who held their shares in physical format. These certificates will be sent to the registered addresses listed in the SBL shareholders’ register. Shareholders with physical certificates are urged to verify and update their addresses with UBL’s Share Registrar by April 4, 2025, to ensure accurate delivery.

According to information available from the Pakistan Stock Exchange (PSX), this issuance marks a significant step in the culmination of the merger process, aimed at consolidating UBL’s market position and expanding its shareholder base. The designated market category for these shares remains unchanged following the issuance.

This development is part of UBL’s strategy to streamline operations and enhance shareholder value post-merger, reflecting a strategic realignment within the banking sector in Pakistan. The bank’s management remains committed to facilitating a smooth transition for all stakeholders involved in this merger.