BoD authorizes Summit Bank to amend SSA with Nasser Lootah

MG News | December 13, 2022 at 04:54 PM GMT+05:00

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December 13, 2022 (MLN): The board of directors of Summit Bank Limited (SMBL) has authorized the bank to amend the Share Subscription Agreement (SSA) with Nasser Abdulla Hussain Lootah (Acquirer), the company’s stock filing on the stock exchange showed on Tuesday.

To note, on December 12 company issued a notice to PSX and stated, “Nasser Abdulla Lootah has proposed to amend the SSA to reflect that he shall subscribe to 3.98 billion new ordinary shares of SMBL by way of other than rights at the unchanged subscription price of Rs2.51 per share.”

Consequently, in today’s meeting the board has approved, “Acquirer shall now subscribe to 3.98bn new ordinary shares of SMBL by way of other than rights at the same subscription price of Rs2.51 per share, 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, it added.

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