KARACHI: The board of directors of Top Bank has agreed to sell at the very least 51 per cent regulating rate of interest to a UAE-based capitalist at Rs2.51 per share, a governing filing claimed on Monday.
The smallest listed bank in terms of total assets will allow Nasser Abdulla Hussain Lootah, that currently owns 0.51 pc shares in the financial institution, subscribe to brand-new average shares using fresh equity injection.
Post-subscription, the acquirer will certainly buy existing shares from minority investors through a public tender offer to bring its shareholding to at the very least 51pc as well as gain management control.
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According to JS Worldwide Head of Research Amreen Soorani, the final dimension of the transaction can not be determined at the present phase of the deal.
The worth of Summit Rely on the Pakistan Stock Exchange (PSX) is roughly Rs7.75 billion. Its share price enhanced 13pc to Rs2.94 on Monday. It’s risen virtually 22pc in the last week alone.
The bank has not issued financial results given that the quarter ending on Dec 31, 2018. The financial institution published a yearly bottom line of Rs8.7 bn in 2018, which followed net losses of Rs1.9 bn and also Rs2.1 bn in the preceding two years.