PSX to suspend Summit Bank’s share trading lest it fails to hold AGM in next 14 days

MG News | September 17, 2020 at 10:55 AM GMT+05:00

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September 17, 2020 (MNL): Summit Bank Limited (SMBL) has failed to hold the Annual General Meetings for the year(s) ended December 31, 2018 and December 31, 2019 and submit the Annual Audited Accounts for two consecutive years within the extended deadline as per direction of SECP, attracting action of suspension, PSX informed on Thursday.

The bank had been previously given extension in time by the SECP for holding the overdue AGMs for the year(s) ended December 31, 2018 and December 31, 2019 by August 15, 2020 & September 15, 2020, respectively.

In view of above, SMBL has been advised by the PSX to rectify the default(s) within Fourteen (14) trading days i.e. by Tuesday, October 06, 2020, failing which trading in its shares shall be suspended w.e.f. Wednesday, October 07, 2020.

It must be noted that upon failure of the Bank to rectify its defaults within Seven (07) trading days i.e. by Friday, September 25, 2020, trading in the shares of the Bank shall be converted to SPOT (T + 0) settlement for the next Seven (07) trading days i.e. up to Tuesday, October 06, 2020.

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