Topline submits PAI on client’s behalf to acquire 51% stake in Summit Bank

MG News | May 20, 2021 at 05:34 PM GMT+05:00

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May 20, 2021 (MLN): Topline Securities Limited has submitted a Public Announcement of Intention to acquire at least 51% of the issued and paid up capital of the Summit Bank Limited along with management control, on behalf of the acquirer, Mr. Nasseer Abdullah Hussain Lootah.

In a notification issued to the PSX today, Topline Securities informed that it had been appointed as the Manager to Offer by the Acquirer in accordance with the provision of the securities Act 2015 and the Listed Companies Regulations, 2017.

Mr. Nasseer Abdullah Hussain Lootah is a successful businessman, having diversified interests across travel, shipping, real state, mineral, water, cargo handling, information technology, interactive media, production and brand media communication.

Furthermore, Mr. lootah is also the sponsor of numerous international brands and prestigious multinational companies including Brookfeild Multiplex (Real Estate Development), Dubai Lagoon, Mediclinic; Wilhemsen Shipping Company.

The Lootah family were also the founding sponsors of the Dubai Islamic Bank, where the family is a major stakeholder.

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