October 11, 2021 (MLN): The Board of Directors of Summit Bank Limited have approved the increase in the Authorized Capital of the Bank from Rs28 billion to Rs 90 billion subject to the approval of the regulatory authorities and the shareholders of the Bank.

The Board has further approved the issue of 5,976,095,618 new ordinary shares by way of without rights offer at a discounted price of Rs2.51/- per share to His Excellency Nasser Abdulla Hussain Lootah (the Acquirer) and the minority shareholders subject to the approval of the regulatory authorities and the shareholders of the Bank, Bank's notice to PSX said.

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