In an announcement to the Pakistan Stock Exchange, Summit Bank has informed that it’s Board of Directors has approved and recommended a revision in the swap ratio from 1:4.17 to 1:8.37 with respect to the proposed amalgamation of the bank.
Summit Bank is due to getting merged with and into Sindh Bank Limited.
As per the announcement, one ordinary share of the Sindh Bank Limited has been proposed to be issued for every 8.37 ordinary shares of Summit Bank as a consequence of this proposed amalgamation.
An Extraordinary General Meeting of the shareholders of the Summit Bank is scheduled to be held at August 31, 2018 at 11:00 am at the Serena Hotel, Islamabad for the approval of the Scheme of Amalgamation of the Bank.
The proposed recommendations have been subjected to all applicable regulatory approvals and compliances including the approval of the State Bank of Pakistan, and the permission of the Supreme Court of Pakistan, in addition to approval of the shareholders of the Summit Bank.