Providus Capital (Pvt) Limited, a company of Muhammad Jawaid Iqbal, President and CEO of United Bank Limited (UBL), has acquired 6,395,793 shares of United Bank Limited (UBL) at a price of Rs362.76 per share.
UBL disclosed this development to the Pakistan Stock Exchange (PSX) through a notice on Monday.Â
Following the acquisition, Providus Capital’s cumulative shareholding in UBL now stands at 38,085,000 shares, representing 3.11% of the company’s total shareholding.
According to Pakistan Credit Rating Agency (PACRA), Providus Capital is a company owned 50% by Mr Jawaid Iqbal and 50% by his spouse. The company is primarily engaged in the business of capital investments, in particular the equity market and other investments.
A CFA charter holder with over 25 years of professional experience across various sectors, Iqbal’s confidence in UBL incites a renewed confidence in the bank’s fundamentals for the shareholders.
Iqbal also served as one of the key personnel in the establishment of ABL Asset Management Company and remained a board member for six years afterward.
