Mr Nasser Abdullah Hussain to acquire a controlling stake in Summit Bank

MG News | March 30, 2020 at 10:38 AM GMT+05:00

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March 30, 2020 (MLN): Mr Nasser Abdullah Hussain Lootah (Potential Investor) has communicated his intention to acquire at least a controlling stake in Summit Bank Limited.

In a notification to Exchange, the Bank has informed that the Potential Investor has intended to acquire a controlling stake in the bank by subscribing to fresh equity in the Bank and investing such amounts as may be necessary to ensure Bank meets its ‘Minimum Capital Requirements’ and ‘Capital Adequacy Ratio’ as prescribed by the SBP.

Furthermore, the proposed transaction is subject to Bank entering into an Exclusivity Agreement with the Potential Investor on or before 31, March 2020, completion of due diligence and all requisite regulatory and corporate approvals.

In this regard, the execution of the Exclusivity Agreement with the Potential Investor will be discussed in the Board Meeting Scheduled for 31, March 2020, the notification revealed.

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