United Bank Limited and Bestway Cement have announced that they have undergone an internal reorganization exercise and its majority shareholder Bestway (Holdings) Limited (BHL) has initiated a share-for-share transfer with a newly incorporated holding company, Bestway Group Limited (BGL), after obtaining all the approvals from Pakistan.
According to the notification, the swapping of shares by BHL with BGL, which also owned by the former’s shareholding family, has had no material impact on its majority shareholding in United Bank and is still controlled by BHL.
The shareholders of United Bank Limited’s holding company, i.e. Bestway (Holdings) Limited (BHL), a UK based company, have carried out a share for share transfer with a newly incorporated holding company, namely Bestway Group Limited (BGL) which is also owned by the shareholding families of BHL. Resultantly, BHL has become a wholly owned subsidiary of BGL.
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Bestway (Holdings) Limited, through its subsidiaries, engages in wholesale, banking, cement, pharmacy, and real estate businesses in the United Kingdom.
The company’s wholesale business activities include the operation of general food stores that sell various groceries and drinks; provision of food-service solutions that include the catering of food and licensed products for contracted businesses.
United Bank Limited provides commercial banking and related services in Pakistan, the United States, the Middle East, Europe, and Africa.
Bestways’s shares at the bourse were trading at Rs 156.50, up by 0.58% with a turnover of 5600 shares and United Bank shares were trading at Rs 197.10, up by 0.14% with a turnover of 273,800 shares.
