Topline extends timeline for making PAI to acquire 51% stake of Summit Bank

November 17, 2021 (MLN): Topline Securities has extended the time period by 90 days for making a public announcement of intention (PAI) on behalf of Nasser Abdulla Hussein Lootah to acquire more than 51% control of Summit Bank Limited (SMBL).

In its notice to Exchange, Topline (manager to the offer) intimated that since the acquirer is in the advanced stages of the acquisition process, the acquirer is extending the time period to make the Public Announcement of Offer by a period of 90 days as allowed under the provision of Regulation 7(1) of the Regulations read with SRO 638(1)/2021 dated May 28, 2021.

To recall, on September 21, 2020, Summit Bank issued a public notice to announce that the major Shareholder of the bank, Nasser Abdulla Hussain Lootah issued a Letter of Intent to inject fresh equity in the bank as a prospective foreign investor subject to necessary regulatory approvals in due course to ensure that the Bank meets its capital requirement as prescribed by SBP.

Recently, the shareholders of the Bank during the 14th Annual General Meeting (AGM) held on November 11, 2021, resolved to issue 5.97bn new ordinary shares by way of without rights offer to Nasser Abdulla Hussain Lootah and the minority shareholders at a discounted price of Rs2.51 per share for fresh equity injection in the bank.

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