UBL Submits Offer to Merge With Silkbank

United Bank Limited (PSX: UBL) has submitted an offer to Silkbank Limited (PSX: SILK) for the amalgamation of Silkbank with and into UBL pursuant to a scheme of amalgamation to be filed with and sanctioned by the SBP under Section 48 of the Banking Companies Ordinance, 1962 (Amalgamation). As consideration for the amalgamation, UBL has proposed to issue and allot new UBL ordinary shares to the shareholders of Silkbank on the basis of a ratio of one (1) new UBL ordinary share for every three hundred and twenty-five (325) Silkbank ordinary shares, the stock filing stated. The offer and the Amalgamation remain subject to approval of the Board of Directors and shareholders of UBL, execution of definitive transaction documents between UBL and Silkbank, and receipt of all corporate, regulatory, and third-party approvals and consents required for the Amalgamation. UBL shall keep the Exchange informed of any material developments in this regard, the filing added.