United Bank Ltd - GDRs
June 24, 2007The government has raised $650.3 million from the sale of United Bank Limited (UBL) global depository receipts (GDRs)…Privatisation Minister Zahid Hamid said UBL GDRs would start conditional trading on London Stock Exchange (LSE) from June 25 and this would be followed by full trading from June 29…Zahid said that international investors from US, UK, continental Europe, Middle East and Asia bought GDRs equivalent to UBE shares priced at Rs 195 a share, amounting to divestment of a 25 percent of the total paid up capital of UBL.Each GDR represents four underlying shares of UBL. The GDRs price was $12.8543 each.
The Minister said the HBL IPO will be made in 2-3 weeks. The minister added that the CCOP was also apprised of the suggestions and proposals came out of the deliberations of the pre-qualified bidders during the pre-bid conference of PSO transaction and said that all stakeholders have been asked to expedite the resolution of all the issues in this regard. He said Privatisation Commission is going to announce PSO bidding shortly… Aaj News
