Corporate Alerts: Key takeaways from Summit Bank 82nd Board of Director’s Meeting

In a release issued by Summit Bank, it has informed that:

• Board has approved the increase in the Authorized Capital of the Bank from PKR 25 Billion to PKR 28 Billion subject to approval from regulatory authorities and the shareholders of the Bank.
• The Board further gave approval for issuance of Right Shares other than the way of rights issue of existing shareholders for the advances received against subscription of share equivalent to PKR 1.85 BN as a consequence of the proposed merger of Summit Bank into Sindh Bank Ltd. subject to the approval of authorities and bank’s shareholders.
• The board approved conversion of listed preference share, both class “A” and “B” into the ordinary shares of Summit Bank Ltd.

The notice can be accessed here.