Author Topic: SMBL -- Summit Bank Limited  (Read 66388 times)

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Offline ziauddin

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Re: SMBL -- Summit Bank Limited
« Reply #39 on: March 31, 2010, 10:18:01 PM »
plz mene 10 k ahbl liye hai at 5.60 par.should i wat??

Pakinvestorsguide

Re: SMBL -- Summit Bank Limited
« Reply #39 on: March 31, 2010, 10:18:01 PM »

Offline stockchild

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Re: SMBL -- Summit Bank Limited
« Reply #40 on: April 07, 2010, 11:59:37 PM »
arif habib bank at its lowest for last 2-3 months. should i buy at this rate.? experts plz advice

crazybanker

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Re: SMBL -- Summit Bank Limited
« Reply #41 on: April 19, 2010, 02:40:27 PM »
Sir jee 10 ka hone ki news kia hai announcement factor hai ya koi merger.

merger

What is the status of merger of AHBL, Mybank and Atlas Bank and rebranding of the bank into new entity "Summit Bank" please advice and wht effects ???????????

crazybanker

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Re: SMBL -- Summit Bank Limited
« Reply #42 on: April 19, 2010, 02:42:31 PM »
Saroor Investment takes over AHBL management
RECORDER REPORT
KARACHI (March 05 2010): The new board of directors of Arif Habib Bank Limited (AHBL) has decided to inject further capital of Rs 2.5 billion into the equity of the bank. The Saroor Investment has taken over the management of the Arif Habib Bank and the board of directors of the bank has been changed.

The new board of the bank consists of Nasser Abdullah Hussain Lootah Chairman and director, Hussain Lawai President and CEO with other directors namely Nasim Beg, Asadullah Khawaja, Mohammed Ahmad Mousa Ismail, Khrida Nasser Abdullah Hussain Lootah and Md. Jaglul Karim.


What is the status of merger of AHBL, Mybank and Atlas Bank and rebranding of the bank into new entity "Summit Bank" please advice and what effects ???????????

Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #43 on: April 19, 2010, 03:02:26 PM »
no updates yet
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crazybanker

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Re: SMBL -- Summit Bank Limited
« Reply #44 on: April 30, 2010, 02:56:28 PM »
Sir jee 10 ka hone ki news kia hai announcement factor hai ya koi merger.

merger

What is the status of merger of AHBL, Mybank and Atlas Bank and rebranding of the bank into new entity "Summit Bank" please advice and wht effects ???????????
Sir, Jee any update for the Merger of AHBL, Mybank & Atlas Bank ???

Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #45 on: April 30, 2010, 03:52:41 PM »
merger will take place after end june and approval from sbp
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Offline sirsalims

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Re: SMBL -- Summit Bank Limited
« Reply #46 on: May 06, 2010, 01:42:29 PM »
so wait for approval and merger than take entry or safe to enter now.

Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #47 on: May 06, 2010, 01:46:55 PM »
so wait for approval and merger than take entry or safe to enter now.

safe to enter
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Offline sirsalims

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Re: SMBL -- Summit Bank Limited
« Reply #48 on: May 06, 2010, 01:54:36 PM »
thankyou sir, i believe this bank sold at rs. 9, so hpefully will touch atleast rs. 7 in july, what do u say??

Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #49 on: August 18, 2010, 10:01:16 AM »
Change of AHBL name: SBP issues notification
RECORDER REPORT
KARACHI (August 18 2010): The State Bank of Pakistan (SBP) has issued notification for change of name of Arif Habib Bank Limited to Summit Bank Limited. According to announcement in exercise of the powers conferred on State Bank of Pakistan (SBP) by clause (c) of sub-section (2) of Section 37 of the SBP Act, 1956; SBP is pleased to notify the change of name of "ARIF HABIB BANK LIMITED" to "SUMMIT BANK LIMITED" with effect from August 18, 2010
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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #50 on: August 26, 2010, 11:57:05 AM »
This is to inform you that the name of "Arif Habib Bank Limited” has been changed to "Summit Bank Limited". Therefore; the old security symbol of "AHBL" has been replaced with "SMBL". The new symbol will be effective from 01st September, 2010 (Wednesday).   

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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #51 on: October 15, 2010, 09:40:15 AM »
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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #52 on: December 21, 2010, 11:19:06 PM »
SBP approves Atlas Bank, Summit Bank merger
KARACHI (updated on: 2010-12-21 13:45:43 PST):
 The State Bank of Pakistan has accorded sanction to the scheme of amalgamation of Atlas Bank Ltd with and into Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd under Banking Company Ordinance 1962.

SBP, in its letter sanction letter of December 15, 2010, has directed Summit Bank Ltd (SBL) to comply with conditions stated in its order while implement the scheme of amalgamation.

According to information reaching KSE here Tuesday, the Central Bank has asked SBL to meet any shortfall in minimum capital requirement (MCR) from its own resources as a consequence of this merger.

Under the requirements, Suroor Investment Ltd, the consortium will inject fresh equity of at least Rs 2.5 billion through right offer in SBL.

In addition, SBL will at all times meet the MCR and capital adequacy ratio as prescribed by SBP from time to time. The depositors' fund will not be used on account of this transaction.

It may be noted that the board of SBL has already approved valuation and swap ratio for the issuance of 0.45 share of SBL for one share Atlas Bank Ltd
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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #53 on: December 21, 2010, 11:20:16 PM »
SBP approves Atlas Bank, Summit Bank merger
KARACHI (updated on: 2010-12-21 13:45:43 PST):
 The State Bank of Pakistan has accorded sanction to the scheme of amalgamation of Atlas Bank Ltd with and into Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd under Banking Company Ordinance 1962.

SBP, in its letter sanction letter of December 15, 2010, has directed Summit Bank Ltd (SBL) to comply with conditions stated in its order while implement the scheme of amalgamation.

According to information reaching KSE here Tuesday, the Central Bank has asked SBL to meet any shortfall in minimum capital requirement (MCR) from its own resources as a consequence of this merger.

Under the requirements, Suroor Investment Ltd, the consortium will inject fresh equity of at least Rs 2.5 billion through right offer in SBL.

In addition, SBL will at all times meet the MCR and capital adequacy ratio as prescribed by SBP from time to time. The depositors' fund will not be used on account of this transaction.

It may be noted that the board of SBL has already approved valuation and swap ratio for the issuance of 0.45 share of SBL for one share Atlas Bank Ltd
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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #54 on: December 22, 2010, 11:23:57 AM »


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Offline Farzooq

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Re: SMBL -- Summit Bank Limited
« Reply #55 on: December 23, 2010, 11:19:23 AM »
Summit Bank and Atlas Bank Merger -  Potential for dilution gains
According to a KSE Notice, the State Bank of Pakistan (SBP) has approved the merger of Atlas Bank Limited (ATBL) with Summit Bank Limited (SMBL) (Formerly Arif Habib Bank). The swap share for the transaction is 1: 0.45 i.e. the issuance of 0.45 shares of SMBL in exchange of 1 share of ATBL. Consequently, SMBL will issue 225.06mn new shares of Summit to the shareholders of Atlas Bank, taking total outstanding shares for SMBL to 725mn. Meanwhile, SMBL’s merger with Mybank Limited is yet to be approved by the SBP; however, the approved valuation Swap ratio for MYBL-SMBL merger is 1: 0.80.

Rights issue at PKR 10 per share – Potential for dilution gain for non-subscribing investors
The Board of Directors (BoD) of Summit Bank has decided to issue additional 20% rights issue i.e. 1 Right Share for every 5 Shares held. The rights issue at PKR 10 is at a premium of PKR 6.4 per share and approximately 2.7x the current market price of SMBL. We expect the rights issue to be undersubscribed by minority shareholders since it is at a significant premium. However, there is a high likelihood of 50-60% subscription by majority sponsors. In such an event where the Majority shareholders subscribe the issue at a premium and minority shareholders abstain, a dilution gain in the range of 15-30% can accrue to the non-subscriber shareholders of the rights issue.

Suroor Investments key sponsor in merged entity
Suroor Investments, a Mauritius based investment firm, acquired 59.4% stake in Arif Habib Bank (AHBL) at PKR 9 per share (PB: 0.84x) and 59.34% holding in Mybank Limited (MYBL) at PKR 8 per share (PB: 0.71x). Later in Nov’09, Atlas Bank Limited (ATBL) entered into an agreement with Suroor Investments Limited, for the sale of 58.31% shareholding at PKR 4.5 per share (PB: 0.87x) subject to regulatory approvals. The deals were struck
at a premium to market price but on a 13-29% discount to book value.

IGI Research

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Offline Wasee_KSE

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Re: SMBL -- Summit Bank Limited
« Reply #56 on: December 23, 2010, 11:33:34 AM »
Summit Bank and Atlas Bank Merger -  Potential for dilution gains
According to a KSE Notice, the State Bank of Pakistan (SBP) has approved the merger of Atlas Bank Limited (ATBL) with Summit Bank Limited (SMBL) (Formerly Arif Habib Bank). The swap share for the transaction is 1: 0.45 i.e. the issuance of 0.45 shares of SMBL in exchange of 1 share of ATBL. Consequently, SMBL will issue 225.06mn new shares of Summit to the shareholders of Atlas Bank, taking total outstanding shares for SMBL to 725mn. Meanwhile, SMBL’s merger with Mybank Limited is yet to be approved by the SBP; however, the approved valuation Swap ratio for MYBL-SMBL merger is 1: 0.80.

Rights issue at PKR 10 per share – Potential for dilution gain for non-subscribing investors
The Board of Directors (BoD) of Summit Bank has decided to issue additional 20% rights issue i.e. 1 Right Share for every 5 Shares held. The rights issue at PKR 10 is at a premium of PKR 6.4 per share and approximately 2.7x the current market price of SMBL. We expect the rights issue to be undersubscribed by minority shareholders since it is at a significant premium. However, there is a high likelihood of 50-60% subscription by majority sponsors. In such an event where the Majority shareholders subscribe the issue at a premium and minority shareholders abstain, a dilution gain in the range of 15-30% can accrue to the non-subscriber shareholders of the rights issue.

Suroor Investments key sponsor in merged entity
Suroor Investments, a Mauritius based investment firm, acquired 59.4% stake in Arif Habib Bank (AHBL) at PKR 9 per share (PB: 0.84x) and 59.34% holding in Mybank Limited (MYBL) at PKR 8 per share (PB: 0.71x). Later in Nov’09, Atlas Bank Limited (ATBL) entered into an agreement with Suroor Investments Limited, for the sale of 58.31% shareholding at PKR 4.5 per share (PB: 0.87x) subject to regulatory approvals. The deals were struck
at a premium to market price but on a 13-29% discount to book value.

IGI Research


So What would be the call for these two merger ATBL, SMBL & MYBL?

Offline Dr. Economist

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Re: SMBL -- Summit Bank Limited
« Reply #57 on: June 09, 2011, 12:25:37 PM »
any news regarding SMBL?
3 Rs se 4.50 p pohonch gaya h..there's sumthing inside news in it i think :skeptic:

Offline Dr. Economist

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Re: SMBL -- Summit Bank Limited
« Reply #58 on: June 09, 2011, 12:31:30 PM »
any news regarding SMBL?
3 Rs se 4.50 p pohonch gaya h..there's sumthing inside news in it i think :skeptic:

Now MYBL in action  :biggrin:

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