Substantial Shareholder Bestway Cement Limited Acquires Shares of United Bank Limited

Islamabad: The Pakistan Stock Exchange has recorded a notable share acquisition by Bestway Cement Limited, a substantial shareholder in United Bank Limited. According to information available from the Pakistan Stock Exchange (PSX), the transaction was carried out on July 22, 2024, involving the purchase of 163,328 shares at a rate of PKR 257.68 per share.

This transaction falls under the compliance of clause No. 5.6.1(d) of PSX Regulations concerning the Disclosure of Interest by a Director, CEO, or Executive of a listed company, their spouses, and substantial shareholders. The form of share certificates used in this transaction was CDC, within the ready market category.

The details of this acquisition will be presented at the upcoming board meeting of United Bank Limited. The board will review and highlight any non-compliance issues for further consideration, as mandated by the PSX regulations. Additionally, it has been confirmed that the holding period for these transactions exceeds six months. Should the holding period have been under six months, a cheque equivalent to the profit would have been deposited with the Securities and Exchange Commission of Pakistan (SECP), as per the requirements of Section 105 of the Securities Act, 2015.

This transaction underscores the active participation of substantial shareholders in the governance and financial evolution of listed companies within Pakistan’s stock market ecosystem.