Prominent UAE investor Nasser Abdulla Hussain Lootah, the Chairman of Nasser Abdulla Lootah Group and a major shareholder of Summit Bank Limited (SMBL), will subscribe to 3.98 billion new ordinary shares of the Bank.
According to a stock filing, the investor has decided to subscribe to 3,984,063,745 new ordinary shares of SMBL by way of other than rights at the unchanged subscription price of Rs. 2.51 per share.
The bank’s board of directors will consider and review the investor’s proposal at their upcoming board meeting scheduled for Tuesday (tomorrow).
Under the proposed amendment, Nasser Abdulla Hussain Lootah will become a majority shareholder and acquire control of Summit Bank. The filing promulgated towards swiftly amending the Share Subscription Agreement to reflect the aforesaid subscription.
The proposed acquisition of the commercial bank is subject to requisite corporate and regulatory approvals.
The bank’s scrip at the bourse was closed at Rs. 2.07, up by 0.32 or 18.29 percent, with a turnover of 5.5 million shares on Monday.
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