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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