Bestway Group of the UK, which has a stake as a parent company in cement and bank operations in Pakistan, will notice the exchange of shareholding patterns among two banking businesses in Pakistan and Great Britain.
According to AHL Research, United Bank Ltd (UBL operation in Pakistan) has finalised the sale of its 55 per cent stake in United National Bank Ltd UK (UNBL UK) to Bestway Group, having obtained all the necessary and stringent regulatory approvals, ensuring the legality and security of the acquisition.
To recall, during its board meeting on 11 September 2023, UBL’s board approved Bestway Group’s (BG) “Indicative Offer” to acquire UBL’s entire 55 per cent shareholding in UNBL UK, a subsidiary. This transaction was contingent upon regulatory approvals from Pakistan and the UK. The decision to divest up to 55 per cent of UBL’s shares in UNBL UK marks a significant strategic move.
Bestway Cement is Pakistan’s second-largest cement manufacturer with a production capacity of 10.7Mta and is listed on the Pakistan Stock Exchange in Karachi.
