ISLAMABAD, (Agencies) – Pakistan has raised $650.3 million from the international equity market by selling to overseas investors 202 million shares of the United Bank Limited (UBL), accounting for 25 per cent of the bank’s total paid up capital, said an official statement.

A meeting of the Cabinet Committee on Privatization (CCOP), held under Prime Minister Shaukat Aziz, approved the transaction on recommendation of the Privatization Commission Board (PCB).

The CCOP also approved the sale of 7.5 per cent shares of the Habib Bank Limited to local investors through initial public offering to raise Rs12.2 billion domestic proceeds.

Minister for Privatisation and Investment Zahid Hamid told reporters that the CCOP approved recommendations of the PCB relating to UBL s global depository receipts (GDR) offering. Conditional trading of GDR on the London Stock Exchange will start on June 25, followed by full trading on June 29.