Utd.bk (regs) Regulatory News (UBLS)

10 Nov 2008 08:39



SECRETARY'S DEPTT.

F A X 

SD/Discloure/BOD:08

10 November 2008

Dear Sirs,

Re: DISCLOSURE - MATERIAL INFORMATION

We have been informed by Bestway (Holdings) Limited of the Bestway Group (BG) that they are converting their UBL GDRs aggregating 14.08 million in to ordinary shares (one GDR is equal to four ordinary shares) subject to the approval from State Bank of Pakistan (SBP) and after compliance with all legal and regulatory requirements. BG has also given their consent that such ordinary shares may be treated as sponsor shares along with their existing portfolio of 257,988,278 ordinary shares by depositing these shares in their blocked accounts maintained at Central Depository Company in terms of SBP, BPRD Circular No.4 dated 22 May 2008.  After the conversion of GDRs, BG's aggregate shareholding in UBL will be 314,343,246 ordinary shares.

You may please inform the members of the Exchange accordingly.

Yours faithfully

Aqeel Ahmed Nasir

Company Secretary & 

Chief Legal Counsel

CC to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs.

2. London Stock Exchange.

3.Syed Irfan Ali, Director, Banking Policy and Regulation Department, State Bank of Pakistan.