Summit Bank shifted to “Normal Counter” from defaulters’ segment

MG News | December 23, 2021 at 09:28 AM GMT+05:00

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December 23, 2021(MLN): Summit Bank Limited (SMBL) has been shifted to the “Normal Counter” of the exchange with effect from Thursday, December 23, 2021, a notice issued by Pakistan Stock Exchange (PSX) said on Wednesday.

In this regard, PSX has informed that SMBL has convened all the overdue Annual General Meeting (AGM) and submitted the Annual Audited Accounts.

In view thereof, the non-compliances of SMBL under PSX Regulations 5.11.1. (c) & (d) stands rectified.

To note, the National Clearing Company of Pakistan Limited (NCCPL) had placed SMBL in the defaulter’s segment with effect from Friday, January 17, 2020, as it failed to hold its AGM and submit its Annual Audited Accounts.

SMBL has been advised to abide by all applicable rules and regulations of this exchange and observe due care in the future with respect to compliance requirements so that the interest of minority shareholders remains protected at all times, the notice added.

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