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Pakistan sets 155 rupees/share floor price for United Bank sale-source
June 11, 2014 / 3:11 AM / 3 years ago

Pakistan sets 155 rupees/share floor price for United Bank sale-source

HONG KONG, June 11 (Reuters) - Pakistan set the floor price for its sale of shares in United Bank at 155 rupees, a source with direct knowledge told Reuters on Wednesday, as the cash-strapped government seeks to raise funds by selling assets.

That minimum price represents a 9 percent discount to Tuesday’s closing price of 170 rupees. The deal could raise up to $423 million for the government.

The deal’s pricing indicates that the privatisation of United Bank is going ahead ahead despite Tuesday’s attack on a security academy at Karachi airport that killed more than 30 people.

Reporting By S. Anuradha of IFR and Saeed Azhar, writing by Lawrence White; Editing by Simon Cameron-Moore

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