Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment, will inaugurate the first road show for the Initial Public Offering (IPO) of United Bank Limited (UBL) shares at Pearl Continental Hotel, Karachi, on Saturday, May 28, 2005, at 7 pm M Tahsin Khan Iqbal, Secretary, Privatisation Commission, PC Board members Moin Fudda and Shakeel Lari will also address the road show. More road shows of the series will be held at Peshawar, Hyderabad, Islamabad, Quetta, Lahore, Faisalabad, Gujranwala, Sialkot, Multan and Sukkur from May 30 to June 4, 2005, which will be addressed by PC Board members Kamal ud Din, Mehmood Nawaz Shah, and Iftikhar-ul-Haq and Director-General PC (Banking).
Continuing the 'Privatisation for the People' program of divestment, 10 percent (51.8 million) shares of United Bank Limited ('UBL') are being offered to the general public, with a green-shoe option of additional 5 percent shares, through Karachi, Lahore and Islamabad Stock Exchanges.
The Privatisation Commission has appointed AKD Securities (Pvt) Limited as Lead Manager for the IPO of ('UBL') after a thorough and comprehensive pre-qualification process.
These shares will be offered in lots of 200 shares per applicant to pass on the benefit to a large section of the general public. Road shows are to be conducted for informing the public and attracting maximum participation. The large quantity of shares offered will also add to the liquid share float in the market and add significantly to the investor base.
This offer is likely to benefit 388,500 citizens. The offer price is Rs 50 per share requiring investment of Rs 10,000 only. Pakistani citizens, both resident and overseas, have been advised to get their Computerised National Identity Cards (CNIC) and open their bank and CDC accounts to avoid any inconvenience while submitting application. The bankers to the offer have been issued instructions to guide and facilitate the applicants in this regard.
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