pakistans-united-bank-attracts-strong-demand-for-gdr

Pakistan's United Bank attracts strong demand for GDR

The government is able to double its initial sell-down target for United Bank, resulting in a total deal size of $653 million.
The Pakistani government has raised $653 million from the sale of a 25% stake in United Bank to international investors, who yet again showed that they arenÆt about to let a bit of political noise disturb their hunt for higher returns in this so called ôfrontier market.

United Bank is only the third Pakistani company to be sold internationally through global depositary receipts GDRs since the market made a comeback late last year following almost 12 years with no new issuance. The market was re-opened in October 2006 by a $150 million offering from privately-owned MCB Bank with the government following suit a couple of months later with an $813 million sell-down in Oil...
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