June 9, 2022 (MLN): The shareholders of Summit Bank Limited, in their Extra ordinary general meeting today, have approved the inclusion of ARY Owner Mr. Salman Iqbal in the consortium led by Nasser Abdulla Hussain Lootah (Acquirer), to acquire shares of Summit Bank at a price of Rs2.51 per share.

Upon completion of the process of Subscription of the shares, Mr. Salman Iqbal will become up to a maximum of 25% shareholder in the Bank, a notice issued to bourse said.

To recall, on May 9, 2022, the Board of Directors of the Bank passed a resolution, approving the subscription by Mr Salman Iqbal of shares of the Bank, as part of the consortium led by Nasser Abdulla Hussain Lootah, a UAE based businessman and in this regard an agreement has been executed between the Bank, Mr Nasser Abdulla Hussain Lootah and Mr. Salman Iqbal.

In accordance with the agreement, Mr Salman Iqbal shall subscribe up to a maximum of 25% shareholding in the Bank at a price of Rs2.51 per share.

As per the resolution passed by the Board, the shares to be subscribed by the Acquirer shall as a minimum be such number of shares which shall enable the Acquirer to become at least 51% shareholder in the Bank immediately subsequent to completion of the process of subscription of the shares.

Therefore, subject to applicable regulatory approvals and in terms of the Agreement, Mr. Iqbal shall, as part of the consortium of the Acquirer, subscribe to such number of shares of the Bank at a subscription price of PKR 2.51/- per share, which shall enable Mr. Iqbal to become up to a maximum of 25% shareholder in the Bank immediately.

Meanwhile, it is important note that subsequent to completion of the process of subscription of the shares; and if for any reason, Mr. Iqbal remains unable to subscribe to his agreed portion of shares, then the Acquirer shall remain fully obligated to subscribe to the entire subscription of shares as per the terms of the Shares Subscription Agreement dated October 4, 2021 entered into between the Bank and the Acquirer, the notice said.

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