United Bank Limited Reports Substantial Share Acquisitions by Bestway Cement

Karachi: In a recent disclosure to the Pakistan Stock Exchange (PSX), United Bank Limited revealed a series of significant share purchases by Bestway Cement, a substantial shareholder in the company. The transactions, which took place between August 26 and August 30, 2024, involved large volumes of shares acquired at competitive market rates.

According to information available from the Pakistan Stock Exchange (PSX), the series of transactions began on August 26, 2024, with Bestway Cement purchasing 32,913 shares at a rate of Rs. 253.88 each. The following days saw consistent buying activity, with the largest single transaction on August 29, where 398,980 shares were bought at Rs. 252.02 each. The buying spree continued until August 30, with a final purchase of 109,993 shares at Rs. 252.11 each.

All transactions were conducted through the Central Depository Company (CDC) and were executed in the ready market, indicating an immediate transfer of share ownership. This strategic buying indicates Bestway Cement’s increasing stake and possible strategic positioning within United Bank Limited.

The disclosure further elaborated that these transactions would be reviewed in the subsequent board meeting, ensuring compliance with PSX Regulation clause No. 5.6.1(d). Additionally, the bank confirmed adherence to Section 105 of the Securities Act, 2015, stating that any profit gained within a six-month holding period would be duly reported and reconciled with the Securities and Exchange Commission of Pakistan (SECP), with profits being deposited as required.

This sequence of substantial investments underscores a robust engagement by Bestway Cement in United Bank’s operations, possibly hinting at further strategic developments or alignments within the financial landscape of Pakistan.

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