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Summit Bank seeks removal from PSX’s Defaulter’s Segment

M Jahangir Hayat

LAHORE: Summit Bank Limited (SMBL) has sought its removal of placement from the defaulter’s segment in Pakistan Stocks Exchange (PSX).
The Bank in a letter to the stocks exchange submitted to the exchange that it is with reference to PSX notice no. PSX/N-66 dated January 16, 2020 and earlier correspondences held on the matter of non-holding of Annual General Meeting (AGM) for the year ended December 31, 2018.
In view of aforesaid letters and more specifically Summit Bank’s (the Bank) letter dated October 15, 2019 wherein the Bank has informed the reasons and explanations in detail to PSX for not being able to hold the AGM within the statutory timelines due to exceptional and uncontrollable events since July 2018.
The same letter also explained the various steps, which were/are being taken by the Bank to ensure the earliest convening of AGM. Despite the delays caused by those uncontrollable events, you will appreciate that as of now, the audit assignment for the financial statements of the Bank for the year ended December 31, 2018 is in its final stages.
As soon as the audit is finalized and the audit report is issued by external auditors, the Bank shall proceed with the completion of applicable regulatory requirements for seeking the Direction from the Securities and Exchange Commission of Pakistan (Honourable Commission) under section 147(1) of the Companies Act, 2017 for holding of AGM for the year ended December 31, 2018.
Keeping in view the sincere efforts and progress made by the Bank for annual audit assignment for FY 2018, which once completed will also enable the Bank to hold the AGM, “we hereby request PSX to revert its decision of placing the Bank in the ‘Defaulter’s Segment’ under clauses 5.11.1(c) and (d) of Pakistan Stock Exchange (PSX) Regulations.
“We look forward for kind consideration of Exchange together with the usual support and cooperation in this matter,” the bank begged.
The Bank addressing customers said, “Dear Customers, there is news going on in the market that Summit Bank has defaulted at Pakistan Stock Exchange.
The PSX has called Summit Bank as “Defaulter” due to non-submission of required audited balance sheet and NOT due to default on any bank’s obligation.
“We hereby confirm that the Bank’s Operations are as usual and Summit Bank is conducting and meeting its responsibilities and obligations diligently.
“We would also like to thank all our valued stakeholders for their continued confidence and trust reposed in the Bank,” the bank said.

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