Topline Securities withdraws PAI to acquire 51% shareholding of Summit Bank

February 21, 2022 (MLN): The topline Securities Limited, has withdrawn its Public Announcement of Intention (PAI) on behalf of a potential acquirer Nasser Abdulla Hussain Lootah for purchasing at least 51% shareholding of Summit Bank Limited, a notice issued to bourse showed today.

“We would like to intimate that the time period for making the public announcement of offer lapsed on 15th February 2022, since the Parties are still in the process of satisfying certain conditions, the precedent set out in the Share Subscription Agreement (executed between the Acquirer and the Target on October 4, 2021) ("SSA")”, the notice said.

In the premise, and according to Regulation 21 (1) (e) of the Listed Companies Regulations 2017, Topline Securities said that as of the expiry date, the PAI stands withdrawn.

The notice further stated that the acquirer continues to be fully committed to consummating the transaction subject to the satisfaction of the conditions set out in the SSA. The fresh Public Announcement of Intention (PAI) shall be notified through the Pakistan Stock Exchange Limited (PSX) and shall also be published in the same newspapers in accordance with the prescribed formalities.

This process of withdrawal and re-issuance of the PAI is being undertaken to ensure compliance with the law.

To recall, last year in May, Topline Securities as the Manager to Offer submitted PAI to acquire at least 51% of the issued and paid-up capital of the Summit Bank Limited along with management control.

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