Karachi December 12 2022: Summit Bank received the letter on December 12, 2022, addressed by His Excellency Nasser Abdulla Hussain Lootab to Summit Bank Limited for the acquisition and majority shareholding in the bank.
Share price of the bank jump 20 percent or 35 paisa after the announcement at Pakistan Stock Exchange.
"I write with reference to the Share Subscription Agreement executed between Summit Bank Limited and myself dated October 4, 2021 ("Share Subscription Agreement") for the proposed acquisition of the majority shareholding and control of the Bank. I now propose to amend the Share Subscription Agreement to reflect that I shall 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 unchanged subscription price of PKR 2.51/- (Pakistani Rupees Two and Filly-One Paisas) per share (subject to requisite corporate and regulatory approvals). Resultantly, I will become a majority shareholder in the Bank and acquire control of the Bank." writes His Excellency Nasser Abdulla Hussain Lootab.
The consideration and review of the aforementioned letter along with discussion on the way forward shall be made by the Board of Directors of the Bank in their emergent Board Meeting scheduled for Tuesday, December 13, 2022 at 11 :00 a.m. at Summit Tower.