UNITED BANK LIMITED REPORTS SIGNIFICANT SHARE PURCHASE BY BESTWAY CEMENT

Karachi: United Bank Limited disclosed that Bestway Cement Limited, a substantial shareholder, has purchased 1,567 shares at a rate of Rs. 251.60 per share on September 2, 2024, through the Central Depository Company (CDC) in the ready market.

According to information available from the Pakistan Stock Exchange (PSX), this transaction adheres to the guidelines outlined under clause 5.6.1(d) of the PSX Regulations concerning the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders. The transaction will be reviewed in the forthcoming board meeting to ensure compliance with corporate governance standards and to address any potential non-compliance issues as stipulated by the PSX regulations.

Additionally, United Bank Limited confirmed that the holding period for these shares extends beyond six months. Should the holding period fall within six months, the company has pledged to adhere to the Securities Act, 2015, Section 105, by depositing a cheque equivalent to the profit earned from this transaction with the Securities and Exchange Commission of Pakistan (SECP), with a formal notification to the PSX.

This transaction underscores the active engagement and investment of substantial shareholders in the bank, reflecting their ongoing confidence in the financial stability and growth potential of United Bank Limited.

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