Karachi December 13 2022: The Board of Directors has authorized the Bank to amend the Share Subscription Agreement executed between the His Excellency Nasser Abdulla Hussain Lootah, the Acquirer, and the Bank dated October 4, 2021.
This was decided after deliberating the letter dated December 12, 2022, issued by His Excellency Nasser Abdulla Hussain Lootah, the Acquirer, addressed to Summit Bank Limited to amend the Share Subscription Agreement, for the proposed acquisition of the majority shareholding and control of the Bank, to reflect that the Acquirer shall now subscribe to 3,984,063,745 (Three Billion Nine Hundred Eighty-Four Million Sixty-Three Thousand Seven Hundred Forty-Five) new ordinary shares of the Bank by way of other than rights at the same subscription price of PKR 2.51/- (Pakistani Rupees Two and Fifty-One Paisas) per share.
However, this transaction is subject to all applicable corporate and regulatory approvals. This will result in the Acquirer becoming a majority shareholder in the Bank and acquiring control of the Bank.
