April 26, 2023 (MLN): On receipt of the subscription amount of Rs10 billion, Summit Bank Limited (PSX: SMBL) has issued 3.98 new ordinary shares of the bank by way of other than rights in favor of Mr. Nasser Abdulla Hussain Lootah at the discounted subscription price of Rs2.51 per share.
Consequent to this, Mr. Lootah has become the majority shareholder of the bank.
To recall, on December 12 company issued a notice to PSX and stated, “Nasser Abdulla Lootah had proposed to amend the Share Subscription Agreement (SSA) to reflect that he shall subscribe to 3.98bn new ordinary shares of SMBL by way of other than rights at the unchanged subscription price of Rs2.51 per share.
Naseer Abdulah Lootah is the chairman of Nasser Abdulla Lootah Group, established 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.
