The Pakistan government is set to raise $388 million after pricing the sale of its 19.8 percent stake in United Bank Ltd at 158 rupees a share, IFR reported today.

The sale of the remaining stake in United Bank is part of the government's initiative to raise funds through privatisation of 68 state companies, including 10 banks.

Around 80 percent of the shares were sold to international investors, IFR said. The government had set a floor price of 155 rupees per share for the sale.