Karachi June 9 2022: Shareholders of Summit Bank in Annual General Meeting approved the inclusion of Mr. Salman Iqbal in the consortium of His Excellency Nasser Abdulla Hussain Lootah to subscribe to such number of shares of the Rank at a subscription price of PKR 2.51 /- per share that shall enable Mr. Salman Iqbal to become up to a maximum of 25% shareholder in the Bank immediately upon completion of the process of subscription of the shares, according to Bank’s filling to the exchange.
Earlier the Board of Directors of Summit Bank Limited (the “Bank”) passed a resolution in their meeting held on May 9, 2022, approving the subscription by Mr. Salman lqbal (“Mr. Iqbal”) of shares of the Bank, as part of the consortium of His Excellency Nasser Abdulla Hussain Lootah (the “Acquirer”); and in this regard an agreement has been executed between the Bank, the Acquirer and Mr. lqbal .
In accordance with the Agreement, Mr. lqbal shall subscribe up to a maximum of 25% (Twenty-Five Percent) shareholding in the Bank at a subscription price of PKR 2.51/- (Rupees Two and Fifty-One Paisas Only) per share.
The special resolution passed earlier by the shareholders of the Bank in the 14th (Adjourned) Annual General Meeting held on November 11, 2021, whereby the Shareholders approved the issue of 5,976,095,618 (Five Billion Nine Hundred Seventy-Six Million Ninety-Five Thousand Six Hundred Eighteen) ordinary shares by way of other than rights to be subscribed by the Acquirer and the minority shareholders of the Bank at the discounted rate of PKR 2.51/- (Rupees Two and Fifty-One Paisas Only), shall hereby stand revised to the extent as follows:
(a) the shares to be subscribed by the Acquirer shall as a minimum be such number of shares which shall enable the Acquirer to become at least 51% (Fifty-One Percent) shareholder in the Bank immediately subsequent to completion of the process of subscription of the shares;
(b) subject to applicable regulatory approvals and in terms of the Agreement, Mr. lqbal shall, as part of the consortium of the Acquirer, subscribe to such number of shares of the Bank at a subscription price of PKR 2.51/- (Rupees Two and Fifty-One Paisas only) per share, which shall enable Mr. lqbal to become up to a maximum of 25% (Twenty-Five Percent) shareholder in the Bank immediately subsequent to completion of the process of subscription of the shares; and
(c) if for any reason, Mr. lqbal remains unable to subscribe to his agreed portion of shares, then the Acquirer shall remain fully obligated to subscribe to the entire subscription of shares as per the terms of the Shares Subscription Agreement dated October 4, 2021 entered into between the Bank and the Acquirer.”
