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

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	175,802.79 267.06M	-1.30% -2320.78
ALLSHR	106,568.29 617.78M	-1.25% -1352.24
KSE30	52,497.68 83.82M	-1.25% -665.92
KMI30	247,323.37 106.69M	-1.37% -3422.76
KMIALLSHR	68,315.26 363.70M	-1.37% -952.13
BKTi	49,936.11 23.35M	-1.18% -594.28
OGTi	34,758.02 9.23M	-1.71% -605.59

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,690.00	65,235.00 63,980.00	420.00 0.65%
BRENT CRUDE	90.41	91.42 89.10	2.31 2.62%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.25 -1.17%
ROTTERDAM COAL MONTHLY	119.80	0.00 0.00	0.10 0.08%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	83.62	84.60 82.88	1.84 2.25%
SUGAR #11 WORLD	14.82	0.00 0.00	-0.01 -0.07%