Sum­mit Bank de­cides to al­lot Rs 7b shares to Suroor In­vest­ment

The Pak Banker - - FRONT PAGE -

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 ". -

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