KARACHI: Salman Iqbal, owner of the ARY Group, has agreed to subscribe to up to 25 per cent shares of Summit Bank Ltd at a price of Rs2.51 per share as part of a consortium led by Nasser Abdulla Hussain Lootah, a businessman from the United Arab Emirates, said a stock filing on Friday.
The consortium aims to acquire at least 51pc shareholding in the bank, which is the second smallest of the 20 listed lenders in terms of the value of shares.
It will acquire the bank’s majority stake and management control by both subscribing to new shares as well as purchasing existing shares through a public offer at Rs2.51 apiece.
Published in Dawn, May 7th, 2022
