Summit Bank decides to allot Rs 7b shares to Suroor Investment
Summit Bank has decided to allot Rs 7 billion fully paid ordinary shares of the bank at Rs. 10 share to Suroor Investments Limited by the issuance of 700 million right shares, the notification issued by the management stated. The decision was taken as part of resolution adopted by the board of directors in recent meeting to ensure continued compliance with the Minimum Capital Requirement of State Bank of Pakistan through its BSD Circular No. 7 dated April 15, 2009 and subject to the provisions of Section 86(1) of the Companies Ordinance, 1984.
The board resolved that "The Bank be and is hereby authorized (acting through the authorized representative) to issue further share capital of the Bank, to the extent of Rs 7 billion by the issuance of 700,686, 728 shares (seven hundred million six hundred eighty six thousand seven hundred twenty eight shares) by way of other than Rights Issue at Rs 10 (Pak Rupees Ten only) to M/s. Suroor Investments Limited and that such new shares shall rank paripassu with the existing shares of the Bank".
The board of directors have decided that Chief Executive Officer, the Chief Financial Officer or the Company Secretary acting singly, be and are hereby authorized to act on behalf of the Bank in signing all documents and doing and performing all acts, matters and deeds, to implement and /or give effect to the foregoing resolution, including but not limited to allotment of shares in electronic form, filing of all statutory forms and other documents with the Securities and Exchange Commission of Pakistan, Central Depository Company of Pakistan Limited, and other formalities as may be required or deemed necessary in this regard.
It was also resolved that the President and CEO and/or the Company Secretary of the Bank, be and are hereby jointly and / or severally authorized, to take all steps necessary, ancillary and incidental for the issuance o f further shares of the Bank. These include obtaining all requisite regulatory approvals; filing of all the requisite statutory forms and all other documents as may be required to be filed with the Companies Registration Office of the Securities and Exchange Commission of Pakistan, submitting all such documents as may be required with the State Bank of Pakistan, executing all such certificates, applications, notices, reports, letters and any other document or instrument including any amendments or substitutions to any of the foregoing as may be required in respect of the issue of shares by way of other than Rights Issue under Section 86 (1) of the Companies Ordinance and all other matters incidental or ancillary thereto ". -