KARACHI: The Summit Bank Limited has received the notice of Public Announcement of Intention (PAI) from potential acquirer Nasser Abdulla Hussain Lootah to acquire at least 51 percent voting shares and control of Summit Bank Limited.

The Topline Securities has been appointed as the Manager of Offer by Nasser Abdulla Hussain Lootah (acquirer), in accordance with the provision of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, information sent to Pakistan Stock Exchange said.

“On behalf of Mr. Lootah, we are pleased to submit a Public Announcement of Intention of Acquire at least 51 percent of the issued and paid up capital of the Summit Bank Limited (the “target”) along with the management control,” it added.

This Public Announcement of Intention to acquire voting shares/control of Summit Bank Limited is subject to obtaining the requisite regulatory approvals including clearance of fit and proper criteria from State Bank of Pakistan; Securities and Exchange Commission of Pakistan and Competition Commission of Pakistan. The Public Announcement of Intention may be withdrawn, if the requisite approvals are not granted by the concerned regulatory authority(ies).

The intended acquisition by the Acquirer is through a proposed subscription of new ordinary shares in Summit Bank by way of fresh equity injection. Post subscription, the Acquirer intends to acquire more than 51 percent shareholding and control in the Bank. The Acquirer already owns 0.51 percent shares in the bank. The remaining shares shall be acquired through a combination of subscription of new shares in the Bank and acquisition of existing shares from the minority shareholders by way of a public tender offer.

Copyright Business Recorder, 2021