Karachi: Providus Capital (Pvt) Limited, an associate entity of the President and CEO of United Bank Limited (UBL), Mr. Muhammad Jawaid Iqbal, has acquired a substantial number of shares of UBL, as disclosed in a notice issued to the Pakistan Stock Exchange. The series of transactions were conducted over several days in June 2025, resulting in a significant increase in the cumulative shareholding of Providus Capital.
On June 19, 2025, Providus Capital acquired 235,000 shares at a rate of 521.56 per share, bringing their cumulative shareholding to 51.24 million shares, equivalent to a 4.09% stake. This acquisition was followed by another purchase on June 20, 2025, of 475,000 shares at 524.57 per share, increasing the cumulative shareholding to 51.71 million shares and 4.13% of the total shares.
A notable transaction occurred on June 23, 2025, when Providus Capital purchased 1,779,216 shares at a rate of 263.22 per share. This acquisition was executed after a book closure for the sub-division of shares, which resulted in the cumulative shareholding being adjusted from 51.71 million to 103.42 million shares. Following this transaction, the cumulative shareholding rose to 105.20 million shares, representing a 4.20% stake in the company.
On June 24, 2025, Providus Capital continued its buying spree, acquiring an additional 520,784 shares at a rate of 271.75 per share. This transaction brought the cumulative shareholding to 105.72 million shares, or 4.22% of the total shares, marking a very large or significant move in the shareholding of UBL.
According to information available from the Pakistan Stock Exchange (PSX), these transactions illustrate a strategic move by Providus Capital to consolidate its position within United Bank Limited, reflecting a substantial interest and confidence in the bank's future prospects.
The acquisitions by Providus Capital, under the leadership of Mr. Muhammad Jawaid Iqbal, reflect a focused effort to strengthen their financial influence and footprint within the banking sector, as categorized within the designated market category. The transactions have been communicated to the Pakistan Stock Exchange for dissemination among market participants.