Lootah proposes to amend share subscription agreement


KARACHI: Nasser Abdulla Hussain Lootah has proposed to amend the share subscription agreement to reflect that he shall subscribe to 3,984,063,745 new ordinary shares of the Summit Bank Limited by way of other than rights at the unchanged subscription price of Rs 2.51 per share subject to requisite corporate and regulatory approvals.

After this, Nasser Abdulla Hussain Lootah will become a majority shareholder in the bank and acquire control of the bank, according to material information sent to Pakistan Stock Exchange on Monday.