KARACHI - The Abu Dhabi Group has divested 20 per cent of the issued and outstanding ordinary shares in the United Bank Limited. The divestment proceeds are subject to all regulatory approvals, UBL said in a notification issued here on Wednesday. In a notice, dispatched to Karachi Stock Exchange, the Abu Dhabi Group (ADB) entered into a share purchase agreement (SPA) with the Bestway (Holding) Limited for the sale of its 20 per cent shareholding in the UBL to Bestway Group being an existing shareholder of the bank. The SPA agreement was signed between both groups on December 28, 2010. According to the notice, ADG and Bestway will apply to the State Bank of Pakistan in order to obtain a necessary approval from the apex regulator to proceed with the sale and purchase of the ADG shareholding. It may be mentioned here that the ADG holds approximately 25.5 per cent of the issued and outstanding ordinary shares of the bank while about 48 per cent of the Global Depositary Receipts, which issued by the UBL, are also held by the Abu Dhabi Group currently.