Sindh Bank Limited agreed to acquire Summit Bank Limited (KASE:SMBL) on August 4, 2017. The consideration will be payable in stock and Sindh Bank will issue either one share for every 3.85 ordinary shares of Summit Bank Limited or one share for every 4.17 ordinary shares of Summit Bank Limited. As on August 6, 2018, Sindh Bank will issue one share for every 8.37 ordinary shares of Summit Bank Limited.

On November 1, 2017, scheme of amalgamation of Summit Bank Limited and Sindh Bank Limited has been filled. As per the scheme every person who is a registered shareholder of Summit Bank shall be entitled to receive 1 share of Sindh Bank for every 4.17 shares of Summit Bank held by such shareholder. All employees of Summit Bank shall become the employees of Sindh Bank on their existing remuneration, for a period of one year from the effective date.

The transaction has been approved by Board of Directors of Summit Bank Limited. On October 17, 2017, the notice of extraordinary meeting of shareholders has been filled. The transaction is subject to obtain approval from shareholders of Summit Bank Limited and State Bank of Pakistan.

The Board has approved the convening of an extraordinary general meeting of the shareholders of the Summit Bank on November 7, 2017 for the approval of the transaction. The shareholders of Summit Bank Limited and regulatory authorities approved the transaction on November 7, 2017. In an extraordinary general meeting, the shareholders of Summit Bank Limited and regulatory authorities approved the transaction on August 31, 2018.

The consideration has been approved by the shareholders of Summit Bank Limited on August 6, 2018. As of August 10, 2018, Summit bank shareholders meeting is scheduled to take place on August 31, 2018. The Board of Directors of Sindh Bank has approved the consideration.

Mehmood A. Razzak of Baker Tilly Roelfs AG acted as accountant advisor for Sindh Bank Limited.