The Bestway Group (BG) has decided to convert their United Bank Limited GDRs aggregating 14.08 million into ordinary shares subject to approval from the State Bank of Pakistan. In a notice sent to Karachi Stock Exchange here on Monday, UBL said.
"We have been informed by Bestway (Holding) Limited of the Bestway Group that they are converting their UBL GDRs aggregating 14.08 million into ordinary shares (one GDR is equal to four ordinary shares) after approval and compliance with all legal and regulatory requirements."
The BG has also given their consent that such ordinary shares may be treated as sponsor shares along with their existing portfolio of 257,988,278 ordinary shares by depositing these shares in their blocked accounts maintained at Central Depository Company in terms of SBP circular no.4 dated May 22, 2008, the notice said. After conversion of GDRs, the BG's aggregate shareholding in UBL will be 314,343,246 ordinary shares, it added.
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