Naseer Lootah to subscribe 3.98bn shares of Summit Bank, proposes to amend Share Subscription Agreement

MG News | December 12, 2022 at 01:40 PM GMT+05:00

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December 12, 2022 (MLN): Naseer Abdulah Lootah has proposed to amend the Share Subscription Agreement to reflect that he shall subscribe to 3.98 billion new ordinary shares of Summit Bank Limited by way of other than rights at the unchanged subscription price of Rs2.51 per share, the bank’s filing on the bourse revealed.

In a letter to the bank, he further wrote that as a result of the aforesaid proposal, he will become a majority shareholder in the bank and acquire control of the bank.

“In view of the above, we need to move towards swiftly amending the Share Subscription Agreement to reflect the above,” he added.

The consideration and review of the aforementioned letter along with the discussion on the way forward shall be made by the board of directors of the bank in their emergent board meeting scheduled for Tomorrow.

Naseer Abdulah Lootah is the chairman of Nasser Abdulla Lootah Group.

Founded more than 25 years ago, and headquartered in Dubai, the Nasser Abdulla Lootah Group is one of the largest diversified groups in the Middle East region.

The group provides innovative technologies and comprehensive know-how to benefit customers in the Gulf countries, active in the areas of Travel, Shipping, Cargo, Logistics, Mineral Water, Real Estate, Trading, Information Technology, Interactive Media, Production, and Brand Media Communication.

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