Summit Bank Limited shareholders accepted the admission of Mr. Salman Iqbal, the owner of ARY, into the consortium led by Nasser Abdulla Hussain Lootah (Acquirer) to buy shares in Summit Bank for Rs 2.51 per share today at their Extraordinary General Meeting.
Mr Salman Iqbal would become a stakeholder in the Bank up to a maximum of 25% after the subscription procedure for the shares is completed, according to a statement published to the stock exchange.
As a reminder, on May 9, 2022, the Bank’s Board of Directors approved Mr. Salman Iqbal’s subscription of Bank shares as part of a consortium led by Nasser Abdulla Hussain Lootah, an Emirati billionaire. The Bank, Mr. Nasser Abdulla Hussain Lootah, and Mr. Salman Iqbal have all signed an agreement in this respect.
Mr Salman Iqbal would subscribe for up to 25% of the Bank’s shares at a price of Rs 2.51 per share under the terms of the agreement.
According to the meeting’s resolution, the Acquirer’s subscribed claims will be at least multiple shares, allowing him to become a shareholder of the Bank with at least 51 percent of voting rights immediately once the subscription procedure is completed.
As a result, subject to appropriate regulatory clearances and the Agreement, Mr. Iqbal will subscribe to a number of shares in the Bank as part of the Acquirer’s consortium at a subscription price of PKR 2.51/per share, making Mr. Iqbal an instant shareholder of the Bank up to a maximum of 25%.
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