Last checked at 14 Jun 2021 09:06
Secretary's Department
SD/PSX/Material/UBLSAG(Exit)/21
12 June 2021
The General ManagerPakistan Stock Exchange LimitedStock Exchange Building,Stock Exchange Road,Karachi.
Dear Sir,
MATERIAL INFORMATION - VOLUNTARY WINDING UP OF UBL (SWITZERLAND) AG - A WHOLLY OWNED SUBSIDIARY OF UNITED BANK LIMITED ("UBL")
As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly owned subsidiary, UBL (Switzerland) AG.
This decision is in line with the UBL's strategy to exit from non-core markets.
The winding up is subject to relevant legal and regulatory approvals including approval of the shareholders of UBL.
UBL and UBL (Switzerland) AG will continue to work closely with all stakeholders throughout the winding up process to ensure that UBL (Switzerland) AG is wound up in an orderly manner, fulfilling all its obligations and complying with all applicable laws, rules and regulations.
UBL's decision to wind up UBL (Switzerland) AG will not have any material impact on the overall operating and financial position of the UBL.
Yours faithfully,
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Copy to:
1. The Director,
Surveillance, Supervision & Enforcement Department
Securities and Exchange Commission of Pakistan
NIC Building, 63-Jinnah Avenue, Blue Area Islamabad
2. London Stock Exchange
"ANNEXURE - A"
DISCLOSURE FORM
IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015
Name of Company: | United Bank Limited |
Date of Report: | 12 June 2021 |
Registered Address of the Company: | 13th Floor, UBL Building, Blue Area, Islamabad. |
Contact information: | Aqeel Ahmed Nasir, Company Secretary & Chief Legal Counsel United Bank Limited. Telephone Number: 021-990332960 - 021-32400419 |
[a] Disclosure of inside information by listed company in terms of section 15D
Public disclosure of price sensitive / inside information, which directly concerns the listed securities.
As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly owned subsidiary, UBL (Switzerland) AG.
This decision is in line with the UBL's strategy to exit from non-core markets.
The winding up is subject to relevant legal and regulatory approvals including approval of the shareholders of UBL.
UBL and UBL (Switzerland) AG will continue to work closely with all stakeholders throughout the winding up process to ensure that UBL (Switzerland) AG is wound up in an orderly manner, fulfilling all its obligations and complying with all applicable laws, rules and regulations.
UBL's decision to wind up UBL (Switzerland) AG will not have any material impact on the overall operating and financial position of the UBL.
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel