Lootah expresses intention to acquire some 51pc shares in Summit Bank

Islamabad, March 30, 2020: A Dubai based business tycoon, Nasser Abdulla Hussain Lootah, has expressed intention to acquire some 51 percent share of the Summit Bank Limited.

The consummation of the transaction is subject to receipt of all regulatory and corporate approvals, including but not limited to approvals from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and Competition Commission of Pakistan (CCP).

Topline Securities Limited has been appointed as the Manager to offer by Nasser Abduila Hussain Lootah (Acquirer) in accordance with the provision of the Securities Act 2015 end the Listed Companies Regulations, 2017.

According to an announcement at Pakistan Stock Exchange Lootah, the chairman of the board of directors of Summit bank, has shown intention to acquire at least 51 percent of the issued and paid up capital of the Summit Bank Limited along with management control.

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 (SBP), the Securities and Exchange Commission of Pakistan (SECP) and Competition Commission of Pakistan (CCP).

The intended acquisition by the acquirer is through a proposed subscription of new ordinary shares in Summit Bank Limited by way of fresh equity injection. Post subscription, the Lootha is intend to acquire at least 51 percent shareholding and control in the Bank. The Acquirer already owns some 0.51 percent shares in the Bank. The remaining shares will 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.

Nasser Abdulla Hussain Lootah is acquiring Summit Bank in personal capacity and already has diversified business interests across travel, shipping, real estate, mineral water, logistics, cargo handling information technology, interactive media, production and brand media / communication.

Furthermore, Lootah is also the sponsor of numerous international brands and prestigious multinational companies including Brookfield Multiplex, Dubai Lagoon (Real Estate Development) etc. The Lootah family was also the founding sponsors of the Dubai Islamic Bank, where the family is a major shareholder.

The Lootah has also 95 percent and 80 percent shareholding in two Pakistani Companies namely Global Haly Developments Limited and Lootah Energy Private Limited respectively.

As per the latest available financials for the Year Ended 31″ December 2017 Nasser Abdulla Hussain Lootah holds 13,554,128 shares or 0.51 percent of the paid up capital of the Bank. Therefore he does not control the Bank nor does he has any power to give any direction. It may also be clarified that the Acquirer has no beneficial interest in Suroor Investments Limited the majority shareholder of the Bank.

According to the Summit Bank’s annual report ended December 31, 2017 the Suroor Investments Limited is holding 1,761,412,119 ordinary shares representing 66.77 percent of the issued share capital of the Company.  While, Rupali Bank Limited is holding 32,777,450 ordinary shares representing 1.24 percent of the issued share capital of the Company.

As per the latest publicly available audited accounts for the financial year ended December 31, 2017,  the Bank has an authorized share capital of 2,800,000,000 Ordinary Shares of PKR 10/- and the paid-up capital is Rs 26,38I,510,600 divided into 2,638,151,060 ordinary shares of PKR 10 each.

Initially named Arif Habib Rupali Bank Limited, subsequently changed lo Arif Habib Bank Limited, was incorporated as a public limited company under the Companies Ordinance 1984 (now repealed and replaced with Companies Act 2017). Later on July 07, 2006 the State Bank of Pakistan sanctioned a “Scheme of Amalgamation- under section 48 of the Banking Companies Ordinance 1962 through which the Pakistan operations of the Rupali Bank Limited were amalgamated with the Atif Habib Bank on 4th August 2006.

On 31st Match 2010, some 59.41 percent of shares of Arif Habih Bank Limited were transferred to Suroor Investments Limited, a Mauritius based investment firm, by Arif Habib Securities Limited and on 18 of August 2010. Arif Habib Bank Limited was rebranded as “Summit Bank Limited’*.

The Bank was listed on 24th December 2007, and trading of shares began on 11 February 2008. The initial offer price was PKR 11/- per share.

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