LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has said that transactions involving shares of listed companies do not require its approval.

Clarifying a story published by The News on January 13 that it ignored small investors in UBL deal, the SECP said that it remains the responsibility of the acquirers to ensure compliance of mandatory provisions.

The SECP said it had, while examining the deal, concurred with the view of Bestway Holding Ltd that the mandatory provisions of Section 6 of the Takeover Ordinance were not attracted in this deal.

The SECP further said it was told that the consortium comprising Bestway and Abu Dhabi Group intended to undertake an internal restructuring of UBL’s shares, held within the consortium, without change in the board of directors.

SECP said Bestway and Abu Dhabi Group acquired shares in UBL and its control through Privatisation Commission in 2002.

Since then the consortium has had the control and management of UBL while holding 61.37 percent of its paid-up capital, Securities and Exchange Commission of Pakistan said.

Other than the consortium, the government of Pakistan, through State Bank of Pakistan, with 19.76 percent, has the largest stake in UBL’s equity, it added.

The general public and others hold 11.41 percent, not 38.7 percent as claimed in the news report, said the regulator.