Karachi February 21 2022: Manager to the Offer intimate that the time period for making the public announcement of offer for acquisition of 51 percent shareholding of Summit Bank by Nasser Abdulla Hussain Lootah lapsed on 15th February 2022.
Since the Parties are still in the process of satisfying certain conditions precedent set out in the Share Subscription Agreement (executed between the Acquirer and the Target on October 4, 2021) (“SSA”).
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Anti Dumping duty protection for EPCL ending in next quarter
Earlier, manger to the offer made Public Announcement of Intention (“PAI”) on behalf of its client, His Excellency Nasser Abdulla Hussain Lootah (“Acquirer”) dated 20th May 2021 to directly acquire at least 51% shareholding of Summit Bank Limited (“Target”) subject to regulatory and other approvals (“Transaction”).
In the premise, and pursuant to Regulation of the Listed Companies and Securities Act, manager to the offer hereby give notice that as of the Expiry Date, the PAI stands withdrawn. The Acquirer, continues to be fully committed to consummating the Transaction subject to the satisfaction of the conditions set in the SSA.. The fresh Public Announcement of Intention (PAI) shall be notified through the Pakistan Stock Exchange Limited and shall also be published in the same newspapers in accordance with the prescribed formalities.
This process of withdrawal and re-issuance of the PAI is being undertaken to ensure compliance with the law.
