Prominent UAE investor Nasser Abdulla Hussain Lootah, the Chairman ofNasser 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 to3,984,063,745 new ordinary shares of SMBL by way of other than rights atthe unchanged subscription price of Rs. 2.51 per share.
The bank’s board of directors will consider and review the investor’sproposal at their upcoming board meeting scheduled for Tuesday (tomorrow).
Under the proposed amendment, Nasser Abdulla Hussain Lootah will become amajority shareholder and acquire control of Summit Bank. The filingpromulgated towards swiftly amending the Share Subscription Agreement toreflect the aforesaid subscription.
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The proposed acquisition of the commercial bank is subject to requisitecorporate and regulatory approvals.
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