Trading in Summit Bank TFCs from tomorrow

RECORDER REPORT

KARACHI: The Karachi Stock Exchange (KSE) has approved the application for listing and quotation of first Issue of Unsecured, Subordinated, Rated and Listed Term Finance Certificates (TFCs) of Rs 1,500 million of Summit Bank Limited on completion of formalities required under the Listing Regulations of the Exchange.

The KSE notified that trading in the TFCs of the bank will start on this Exchange from December 1, 2011. All transactions taking place in respect of the above TFCs on the Exchange's Bonds Automated Trading System (BATS) shall be settled on T+1 settlement basis from the above date.

The TFCs of the bank have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL), which has assigned Security Symbol as "SMBLTFC".

Pak Brunei Investment Company Limited will act as the Market Maker of the issue, who has appointed Invest & Finance Securities Limited, Corporate Member of the Exchange, as the designated member, which shall offer bid and ask quotes for the TFC issue, as disclosed under Clause No. 2.24 of the Prospectus.  The Transfer Agent of the TFCs of the Bank is Technology Trade (Private) Limited, Karachi.