AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Bestway Cement Limited, a substantial shareholder in United Bank Limited, has executed multiple share purchases over the last week of June 2024, significantly increasing its stake in the bank. According to transaction details released to the Pakistan Stock Exchange (PSX), Bestway Cement acquired a total of 1,537,424 shares through four separate transactions.
The transactions occurred as follows: 685,421 shares were bought on June 25 at a price of PKR 257.39 each; 82,240 shares on June 26 at PKR 257.00; 48,276 shares on June 27 at PKR 259.44; and 739,487 shares on June 28 at PKR 255.63. All shares were purchased through the Central Depository Company (CDC) and are listed on the Ready Market.
According to information available from the Pakistan Stock Exchange (PSX), these acquisitions will be reviewed in the upcoming board meeting of United Bank Limited. The board will address any non-compliance issues related to these transactions as stipulated under clause No. 5.6.1.(d) of PSX Regulations. Additionally, the bank confirmed that if the holding period for these transactions is under six months, the equivalent profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP), as required by Section 105 of the Securities Act, 2015, with notification to PSX.
These strategic acquisitions reflect Bestway Cement’s ongoing commitment to strengthening its investment in United Bank, signaling confidence in the bank’s performance and strategic direction.