Pakistan sells United Bank Limited stake

The block share trade was Pakistan's first privatisation deal in almost eight years.

The Pakistan government sold its entire stake in United Bank Limited in a block share trade that met with strong global investor interest, kick-starting the country's renewed privatisation drive.

The government raised $387.9 million by selling its remaining 241.9 million shares in United Bank at 158 Pakistani rupees per share $1.60 -- a 7.3% discount to their June 10 close.

The institutional book was twice oversubscribed, according to a banker close to the deal, with international investors making up more than four-fifths of the total. Asian investors accounted for roughly 20% of the book, with the remainder split evenly between the US and Europe, the banker said....

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