United Bank Limited CEO’s Associate Firm Acquires Over 2.69 Million Shares

Karachi: Providus Capital (Pvt) Limited, an associate of Mr. Muhammad Jawaid Iqbal, the President and CEO of United Bank Limited (UBL), has made significant acquisitions of UBL shares, further consolidating its stake in the bank. On January 13, 2025, Providus Capital acquired 950,000 shares at a rate of PKR 375.24 per share. This acquisition increased the firm's cumulative shareholding to 46.76 million shares, representing a 3.82% stake in UBL.

The following day, on January 14, 2025, Providus Capital continued its acquisition spree by purchasing an additional 1.74 million shares at a price of PKR 383.83 per share. This further increased their total shareholding to 48.50 million shares, which now accounts for 3.96% of the company's total shares.

According to information available from the Pakistan Stock Exchange (PSX), these transactions underline a strategic move by Providus Capital to bolster its investment in UBL. The purchases reflect confidence in the bank's performance and future potential within the financial sector.

The disclosure of these transactions aligns with regulatory requirements for transparency regarding substantial shareholding changes in listed companies. Stakeholders and market participants are advised to note these developments as part of their ongoing assessment of UBL's market positioning and the broader financial landscape.