ISLAMABAD: The government has decided to sell 160 million shares of United Bank Ltd representing 13.7% of the total paid-up share capital of UBL on Wednesday, ARY News reported.
According to Security Exchange Commission of Pakistan (SECP), the 160 million shares will be offered for sale in the stock market for financial institutions only.
The government currently owns 19.8 per cent shares of UBL but in the first stage 160 million will be offered while 81.9 million shares representing 6.1 per cent will be decided after analyzing the interest of buyers.
The shares will be sold to successful bidders at a strike price, which will be determined on the basis of bids received through an integrated international book-building process.
The government is expecting to earn Rs. 198 billion by the privatization of different institutions.