Nasser Abdulla Hussain Lootah has agreed (in terms of a share subscription agreement dated October 4, 2021) to acquire at least 51% shareholding in Summit Bank Limited through a combination of:
(i) Subscription of new shares issued by the Bank by way other than rights offer at a discounted price to minority shareholders of the Bank and His Excellency; and
(ii) Acquisition of existing shares from the shareholders of the Bank by way of a public offer in accordance with the applicable laws relating to substantial acquisition of voting shares of listed companies.
It further said the tender offer announcement was made to the Pakistan Stock Exchange on March 18, 2022.
“This is indeed a major step towards the requisite capital injection in the Bank, we are on a fast-paced path to recovery that shall include rebranding, new corporate identity and conversion into a full-fledged Islamic Bank”, said Jawad Majid Khan, President and CEO at Summit Bank.
