Summit Bank Limited shareholders, at their Extraordinary General Meeting today, approved the admission of the owner of ARY, Mr. Salman Iqbal, into the consortium led by Nasser Abdulla Hussain Lootah (Acquirer) to acquire shares in Summit Bank at Rs 2.51 per share.
According to a statement issued to the stock exchange, once the subscription process for the shares is complete, Mr Salman Iqbal will become a shareholder of the Bank up to a maximum of 25%.
As a reminder, the Bank’s Board of Directors passed a resolution on May 9, 2022, approving the subscription of Bank shares by Mr. Salman Iqbal as part of the consortium led by Nasser Abdulla Hussain Lootah, a businessman based in the United Arab Emirates In this regard, an agreement has been signed between the Bank, Mr Nasser Abdulla Hussain Lootah and Mr Salman Iqbal.
Under the terms of the agreement, Mr Salman Iqbal will subscribe to up to 25% of the Bank’s shares for Rs 2.51 per share.
According to the resolution approved by the meeting, the Acquirer’s subscribed claims will be at least several shares that will enable him to become a shareholder of the Bank of at least 51% of actions immediately after the completion of the subscription process.
Therefore, subject to applicable regulatory approvals and under the Agreement, Mr Iqbal, as part of the Acquirer’s consortium, will subscribe to a number of shares in the Bank at a subscription price of PKR 2.51/per share, making Mr Iqbal an immediate shareholder of the Bank up to a maximum of 25%.
On the other hand, it is essential to note that upon completing the subscription process for the Shares and if Mr. Iqbal is still unable to subscribe for its agreed portion of the shares.
In that case, the Acquirer remains fully committed to subscribing for the entire shares under the share subscription agreement dated October 4, 2021, between the Bank and the acquirer note.
