Pakistan government set to raise $388 mln in United Bank sale-IFR

HONG KONG, June 12 Wed Jun 11, 2014 11:09pm EDT

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HONG KONG, June 12 (Reuters) - The Pakistan government is set to raise $388 million after pricing the sale of its 19.8 percent stake in United Bank Ltd at 158 rupees a share, IFR reported on Thursday.

The sale of the remaining stake in United Bank is part of the government's initiative to raise funds through privatisation of 68 state companies, including 10 banks.

Around 80 percent of the shares were sold to international investors, IFR said. The government had set a floor price of 155 rupees per share for the sale, the first Reuters previously reported. (Reporting by S. Anuradha of IFR; Editing by Miral fahmy)

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